Home Altcoins News Litecoin (LTC) Longer Term Swing Trade With 38% Gains with Ascending and Broadening Wedge Pattern

Litecoin (LTC) Longer Term Swing Trade With 38% Gains with Ascending and Broadening Wedge Pattern

Litecoin LTC

A Massive Litecoin Move is prospected by technical price patterns. The month of May and the potential upwards targets about LTC has excited an analyst. With Cryptocurrency becoming bigger and legitimate even naysayers are in to the market now.

The all-time high of Litecoin can be dated back to December 11, 2107 and it was then roughly at $420. Currently, the price trends of LTC are not parabolic like in 2017, but it is possible to see that the angle of the price trend line is beginning to get a bit steep and despite the hold back of last week the trend line has not broken.  This is just proof of the fact that the Bull Market is not over. It just looks like Litecoin is in a really exciting position right now.

The bullish trend will continue if the ascending and broadening wedge pattern will continue, kind of beyond the $260 ranges.  Crypto Ride Analyst places lot of emphasis on the Ascending and broadening Wedge visible by looking at the daily candles.  He states that this pattern has been intact and that it started way back from November 04, 2020.  Considering the length of the duration sustained by the pattern he feels that it is a long enough pattern and therefore legitimate.

To validate the pattern, he has also studied the multiple patterns touching the upside and the downside. He points to how there are 4 touches on the higher highs and lower highs repetitively, thus contributing to creating this trend line beautifully.

He reinstates that Technical Analysis cannot be considered a garbage and that those who trade should look in to these patterns. He also points to how the volume has been fluctuating and points to how it is a common thing to see in cases of ascending and broadening wedges.

He also states that there is no need for an upward breakout to see massive gains. He points to how most of the traders are looking at 5% 10% or 15% gains by going in and out of trades in one, two or three days, he states that looking at the longer term swing trade that it provides for up to 38%, which could take 3 weeks of months to play out. However, the analyst points to how the ascending and descending wedge pattern can also be bearish which can turn out ugly. And pulls out a disclaimer stating it is not financial Advice!

From a technical point of view, the major challenges that investors face can begin from the problems they face in terms of controlling impulsiveness to the frail of compulsion.

Several newbies tend to ignore the Importance of technical Analysis particularly with regard to trading.

Irrespective of what is happening in the markets, technical analysis predict the movement of asset prices by studying the past history of the asset movement in a way arriving at a sustainable pattern which can be used to predict the future movement of the asset. Doing this, takes a lot of time. Those who do not have the time or skill to do the technical analysis are in to copy trades. However, how far these technical signals are reliable depends upon the expertise of the analyst.

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Steven Anderson

Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9

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