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Hi Folks hope you are well, here I have found another profit potential trading idea and this time on 2 day chart the Lite coin (LTC) is forming bullish Crab pattern, we need some more drop and then soon it will be entered in potential reversal zone to move up.
Let’s dig this pattern deeper to examine how perfect this pattern is formed:
After initial leg (X to A) the A to B leg is retraced between 0.328 to 0.618 Fibonacci and then B to C leg is projected between 0.382 to 0.886 of A to B Fibonacci projection area and last leg (C to D) should be retraced between 1.27 to 161.8 Fibonacci then the priceline will be ready to take bullish or upwards move.
Buying And Sell Targets:
The buying and sell targets according to harmonic Crab pattern should be:
Buy between: $22.75 to $5.83
Sell between: $35.88 to $67.63
So for example if the priceline will really move up to the maximum extent of potential reversal zone of buying area then this trade can produce up to 1060% massive profit.
Stop Loss:
The potential reversal zone area can be used as stop loss in case of complete candle stick closes below this level.
Note: This idea is education purpose only and not intended to be investment advise, please seek a duly licensed professional and do you own research before any investment.