LTC/USD Possible Bullish Bat Pattern: On Watch For Reversal

LTCUSD Litecoin is developing a possible bullish bat harmonic pattern that can be seen on the hourly chart. Look for a reversal near the 88.6% Fib retracement from X-A. Target would be ~210 for a short-term move. If the higher low ~206.60 holds on the next pullback, watch for a VWAP re-claim (likely after more consolidation), and eventually a higher high around 220. Alternatively, if we put in a lower low after bouncing ~206-210 the next likely support is in the 200 zone. No reason not to buy that dip if it comes.

Kommentera:

First Leg of trade complete (target #1 was 210). This portion can be re-loaded on a dip with relatively good success. I don't think we make it all the way back to VWAP yet, but somewhere in the 209's may need a test. I see we got a retracement all the way back to X, so anywhere in the PRZ would have filled, how nice. Next target is the 61.8% of C-D leg or 212.21. I always hold some of my position beyond that 2nd target, because these harmonic patterns do sometimes turn into a big reversal. Gotta take profits when you can, though.

Trade stängt: målet nått:

Rinse an repeat. Nice trade. I'll buy a dip to either the 50 or 200 ma on the 60min with profits in case it makes a higher low and goes. Still holding a few coins in case we don't get the re-test.

Kommentera:

Woops, had the fibs lined up incorrectly for the re-buy. Looks like 209, 210, or 211 could be new support, so I'll put my buy at 211.09 with 2/3 and then add if it dips to 209 or breaks back over the hourly 200. If I get both fills, I'll exit some at C (215.85)