LIT About to Break Descending Wedge on Daily Chart!

ontem

LIT is in a large wedge on the Daily chart but is within a consolidation and below the 200-period averages.

If it breaks this wedge it will still fight to break the averages that are just above the resistance.

So we can say that this is a price fight zone where buyers and sellers are constantly fighting.

After that, we have a clear path to the next resistance between 1.16 and then the 1.8 region.

We can say that this is an asymmetric trade since the R/R (Risk/Return) is 15:1 if we consider the stop on the last big red candle.

Keep an eye on the breakout, now it could be a good entry since it hit the bottom of the wedge, but it is still below the averages on the daily and the 4h chart for both the Lit/BTC and Lit/USDT pairs.

This is one of the trades that can put a lot of money in your pocket if managed correctly!