LTCBTC - Bull flag and developing cup and handle
Updated
Dual developing bullish chart patterns are working together to push LTCBTC higher.
A clear cup and handle formation is nearing completion with a potential 11% target, should price action rise to break out above the 0.0221 level.
Adding to the likelihood of the pattern maturing is a text book bull flag with a target that promises to push price to 0.020877, right at the cup and handle confirmation level.
The RSI shows an equilibrium pattern of higher lows and lower highs, meaning there is still the potential the bullflag may fail and threaten to invalidate both it and the cup and handle.
Watch out for over head resistance at:
Cup and Handle
Buy = 0.0221
Target = 0.02348
Stop Loss = 0.01945 (under last oscillation of bullflag)
Risk/Reward Ratio = 1.72
More agressive traders can enter at the breakout of the bull flag.
As always, the King of Crypto can ruin even the best alt-coin setup without breaking a sweat and BTCUSDT has just broken down from a rising wedge with a potential dump to $7250 in progress...
This makes it even more important to set your alerts and stop losses if you want to take this trade.
Please leave comments / feedback.
A clear cup and handle formation is nearing completion with a potential 11% target, should price action rise to break out above the 0.0221 level.
Adding to the likelihood of the pattern maturing is a text book bull flag with a target that promises to push price to 0.020877, right at the cup and handle confirmation level.
The RSI shows an equilibrium pattern of higher lows and lower highs, meaning there is still the potential the bullflag may fail and threaten to invalidate both it and the cup and handle.
Watch out for over head resistance at:
- 0.0223
- 0.020915
- 0.02072
Cup and Handle
Buy = 0.0221
Target = 0.02348
Stop Loss = 0.01945 (under last oscillation of bullflag)
Risk/Reward Ratio = 1.72
More agressive traders can enter at the breakout of the bull flag.
As always, the King of Crypto can ruin even the best alt-coin setup without breaking a sweat and BTCUSDT has just broken down from a rising wedge with a potential dump to $7250 in progress...
This makes it even more important to set your alerts and stop losses if you want to take this trade.
Please leave comments / feedback.
Note
Correction - confirmation target for cup and handle should read 0.021 (not 0.0221)Note
...confirmation and buy price
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