Beautiful Consolidation range here in Litecoin.
As Bitcoin falls and alt coins give us some big gains, Litecoin is just quietly going about it’s sideways journey, waiting for strong hands to come in and we see that the pullbacks get less and less, meaning higher lows, while the resistance is flat. The pattern created is an ascending triangle.
We buy on the support, sell a little at the resistance (in case we don’t break out, always possible), and then add more on a strong break out of the range.
We want to be long on these pullbacks to the lower trend line around 300. We want to be aggressively long on a range breakout above 375.
We want to take profits at the 161.8% Fibonacci extension, and the measured move at 500 (as well as a nice round number).
As Bitcoin falls and alt coins give us some big gains, Litecoin is just quietly going about it’s sideways journey, waiting for strong hands to come in and we see that the pullbacks get less and less, meaning higher lows, while the resistance is flat. The pattern created is an ascending triangle.
We buy on the support, sell a little at the resistance (in case we don’t break out, always possible), and then add more on a strong break out of the range.
We want to be long on these pullbacks to the lower trend line around 300. We want to be aggressively long on a range breakout above 375.
We want to take profits at the 161.8% Fibonacci extension, and the measured move at 500 (as well as a nice round number).
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Twitter:
@BerlinTrader591
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591