I always keep an eye on Litecoin to know the cryptocurrency market in general.
LTC has been across the board rising From a mid-range perspective Trade inside the red rally Wedge breadth pattern.
After rejecting the upper red trend line and breaking below the last gray secondary low, the bears grabbed a bearish revision.
As we trade lower, we will approach the lower bound of the uptrend Wedge breadth .
Also, the red zone is the previous high and demand area .
So the highlighted purple circle is a strong area to look for buy setups Because it’s a red cross demand area and the lower blue trendline. (as a non-horizontal support)
According to my trading style:
When LTC gets close to the purple circle area, I will search rising Reflection settings (eg Double bottom pattern, Trend line break and so on…)
If we break down the lower red trend line, expect more bearish Motion to a big blue minimalist wedge about 55.0
Always follow your trading plan regarding entry, risk management and trade management.
good luck!
All strategies are good. If managed properly!
~ rich