LTC - Good Key To Feel The Market!🔑

6 Jan 2023

Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

I always keep an eye on Litecoin to feel the overall crypto market.

LTC has been overall bullish from a medium-term perspective trading inside the red rising broadening wedge pattern.

After rejection the upper red trendline and breaking below the last minor low in gray the bears took over for a bearish correction.

As we trade lower, we will be approaching the lower bound of the rising broadening wedge .

Moreover, the red zone is a previous high and demand zone.

So the highlighted purple circle is a strong area to look for buy setups as it is the intersection of the red demand zone and lower blue trendline. (acting as non-horizontal support)

As per my trading style:
As LTC approaches the purple circle zone, I will be looking for bullish reversal setups (like a double bottom pattern, trendline break , and so on...)

If we break the lower red trendline downward, then expect further bearish movement till the lower bound of the big blue wedge around 55.0

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich