Bullish setup in Litecoin

Litecoin has broken out and above the triangle pattern it was in. Price broke out 2 days ago and today price was back testing the upper triangle boundary. A bounce off the triangle upper boundary and broken resistance will be an important bullish signal.

Blue lines- triangle pattern

Red rectangle – back test area

LTC/USD is making higher highs and higher lows. Price has broken above the triangle resistance at $214 and moved as high as $244. Price has pulled back and touched the break out area shown by the red rectangle. Bouncing off this area will be a bullish sign and a confirmation that this level is now support. Resistance is at $244 and as long as price is above $214, I expect price to continue higher and break above $244.

The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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