Bullish Flag on Litecoin Buy signal around 250 Dollar ( 220Eur)
Litecoin technical analysis for December 16 2017.
The bullish flag has been forming since a few days now after a very strong uptrend on litecoin.
Sellers have tried to make lower lows but we ve seen a quick recovery to higher levels. Since Litecoin is trading in a so called BULLISH flag formation and is currently bumped to the upper trendline we can expect it to revisit the lower trendline to gain momentum and jump up from there breaking out higher. The revisiting of the lower trendline of the bullish flag also confirms the touch of the 38.2 Fib retracementlevel which has reacted strongly before with a bug bullish candle. A second attempt increases the chance of it breaking out to the upside towards 370 and 400 levels.
Possible break upwards without the above described decline is also possible but less favorable for entry at these high levels in the event of the formation of a double top.
Be carefull using limit orders since all exchanges on crypto s show different price levels.
BUY SIGNALS:
buy around 210 tot 225 eur levels,
255 to 265 Dollar levels.
The bullish flag has been forming since a few days now after a very strong uptrend on litecoin.
Sellers have tried to make lower lows but we ve seen a quick recovery to higher levels. Since Litecoin is trading in a so called BULLISH flag formation and is currently bumped to the upper trendline we can expect it to revisit the lower trendline to gain momentum and jump up from there breaking out higher. The revisiting of the lower trendline of the bullish flag also confirms the touch of the 38.2 Fib retracementlevel which has reacted strongly before with a bug bullish candle. A second attempt increases the chance of it breaking out to the upside towards 370 and 400 levels.
Possible break upwards without the above described decline is also possible but less favorable for entry at these high levels in the event of the formation of a double top.
Be carefull using limit orders since all exchanges on crypto s show different price levels.
BUY SIGNALS:
buy around 210 tot 225 eur levels,
255 to 265 Dollar levels.