On the daily chart of Litecoin a Cup & Handle pattern could be in the making.
If the handle forms nicely the target of this pattern is 144.50 which would be a move of 50% +.
On the chart we see Bearish Divergence of price compared to RSI. This could indicate a pullback towards the upsloping trendline or support.
To trade this setup it is of crucial importance to see if a Cup & Handle pattern will be formed in the coming days/weeks. If it does, enter a few smaller positions with different TPs towards the target. Once TP1 is hit, move SL of remaining positions higher to lock in profit.
If you have any questions or feedback on this analysis, feel free to share!
Happy Trading!
If the handle forms nicely the target of this pattern is 144.50 which would be a move of 50% +.
On the chart we see Bearish Divergence of price compared to RSI. This could indicate a pullback towards the upsloping trendline or support.
To trade this setup it is of crucial importance to see if a Cup & Handle pattern will be formed in the coming days/weeks. If it does, enter a few smaller positions with different TPs towards the target. Once TP1 is hit, move SL of remaining positions higher to lock in profit.
If you have any questions or feedback on this analysis, feel free to share!
Happy Trading!