Litecoin has sharply fallen out of a bull flag pattern and threatens to breakdown further.
However, in a bullish advance, such breakdowns often act as bear Trap's, right before the asset reverses and goes up sharply to make new highs.
No way of knowing if that's what is happening here. But it does present a good trading setup, as a tight stop around the $58 level could be set with a new Long position here at $60.25.
However, in a bullish advance, such breakdowns often act as bear Trap's, right before the asset reverses and goes up sharply to make new highs.
No way of knowing if that's what is happening here. But it does present a good trading setup, as a tight stop around the $58 level could be set with a new Long position here at $60.25.