LTC/USD BREAKOUT IMMINENT
Looking at the 4 days price chart, you can see Litecoin hasn’t breakout yet. Despite the recent pump in price, Litecoin is still trapped in this huge symmetrical triangle pattern. As it stand, every thing is still looking good.
As a pattern trader, It’s always advisable to wait for price to break out of a patter to give you the direction the price is moving to.
Currently, The price is consolidating at the top of the upper trend line so breakout is imminent.
Aside from the fact that the uppers trendline of the symmetrical triangle is acting as a resistance, the 200D EMA is also perfectly inline with that trendline also acting as overhead resistance.
The reason why I said the chart is looking good is because if you look at the daily timeframe, we are about to have bullish EMA cross on the daily timeframe which is a bullish sign.
MY TRADING PLAN: wait for a breakout and a retest of the breakout point is a perfect place to enter a long trade.
If you are a long term investor, you can join the trade once it breaks to the upside and I will also advice you to stay away from daily price action, as a long term investor, you don’t need to be using the daily price action.
MY PRICE TARGET: my breakout price target is $355 according to the pattern. So if you are a Litecoin investor, fasten your seatbelts because the jet is getting ready to take off.
As a pattern trader, It’s always advisable to wait for price to break out of a patter to give you the direction the price is moving to.
Currently, The price is consolidating at the top of the upper trend line so breakout is imminent.
Aside from the fact that the uppers trendline of the symmetrical triangle is acting as a resistance, the 200D EMA is also perfectly inline with that trendline also acting as overhead resistance.
The reason why I said the chart is looking good is because if you look at the daily timeframe, we are about to have bullish EMA cross on the daily timeframe which is a bullish sign.
MY TRADING PLAN: wait for a breakout and a retest of the breakout point is a perfect place to enter a long trade.
If you are a long term investor, you can join the trade once it breaks to the upside and I will also advice you to stay away from daily price action, as a long term investor, you don’t need to be using the daily price action.
MY PRICE TARGET: my breakout price target is $355 according to the pattern. So if you are a Litecoin investor, fasten your seatbelts because the jet is getting ready to take off.
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