LTC/USDT Descending Triangle Breakout with Retest Oppurtunity
Key Observations
1. The chart illustrates a Descending Triangle breakout, where the price has successfully moved above the descending trendline, confirming a bullish continuation.
2. The breakout has brought the price above the horizontal resistance zone at $115, which now acts as support.
3. A retest of the breakout zone ($115–$116) could provide an ideal entry opportunity for buyers.
Strategic Implications
Monitor the price action closely around the $115–$116 level for signs of a successful retest. If the support holds, it may lead to further upside, with the next target zone around $130–$140, aligning with previous highs. Use a stop-loss below $110 to manage risk effectively, as a breakdown below this level would invalidate the bullish setup. Look for volume confirmation during the retest to reinforce the strength of the breakout.
1. The chart illustrates a Descending Triangle breakout, where the price has successfully moved above the descending trendline, confirming a bullish continuation.
2. The breakout has brought the price above the horizontal resistance zone at $115, which now acts as support.
3. A retest of the breakout zone ($115–$116) could provide an ideal entry opportunity for buyers.
Strategic Implications
Monitor the price action closely around the $115–$116 level for signs of a successful retest. If the support holds, it may lead to further upside, with the next target zone around $130–$140, aligning with previous highs. Use a stop-loss below $110 to manage risk effectively, as a breakdown below this level would invalidate the bullish setup. Look for volume confirmation during the retest to reinforce the strength of the breakout.
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