Updated
LIT/USDT Crucial moment. It Required break for switch to Bullish
💎 LIT has become a notable entity in the market, currently confronting a significant supply area within a rising wedge pattern. Historically, LIT has encountered this supply zone twice and faced substantial rejections each time. This zone is pivotal; a successful breakout by LIT could signal a shift to a bullish trend in the mid-term and the probability of the next stop is on our target major supply area.
💎 However, should LIT fail to overcome this supply barrier and faces another sharp rejection, it might lead to a downward movement, bringing it back to test the support trendline of the Rising wedge pattern. At this juncture, LIT's ability to bounce back is crucial. Failing to do so could result in a breakdown of the rising wedge pattern and a subsequent move towards the demand area.
💎 The demand zone is critical for LIT's trajectory. While the area has historically been strong enough to support LIT, a failure to bounce back, combined with weak volume and only consolidation over a few days, could indicate a potential breakdown. If this occurs, LIT may revert to a bearish trend and move towards the strong support area.
💎 However, should LIT fail to overcome this supply barrier and faces another sharp rejection, it might lead to a downward movement, bringing it back to test the support trendline of the Rising wedge pattern. At this juncture, LIT's ability to bounce back is crucial. Failing to do so could result in a breakdown of the rising wedge pattern and a subsequent move towards the demand area.
💎 The demand zone is critical for LIT's trajectory. While the area has historically been strong enough to support LIT, a failure to bounce back, combined with weak volume and only consolidation over a few days, could indicate a potential breakdown. If this occurs, LIT may revert to a bearish trend and move towards the strong support area.
Trade closed: target reached
Boom! #LIT is doing just what we said. Up 45% and looking good!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Want to trade like a PRO without the 15+ year learning curve?
🫳Steal the edge - follow seasoned team of traders at mycryptoparadise.com (FREE)
✅🎖️Or go full throttle with PRO strategy + killer entry/exit signals - t.me/MCPsupportbot
🫳Steal the edge - follow seasoned team of traders at mycryptoparadise.com (FREE)
✅🎖️Or go full throttle with PRO strategy + killer entry/exit signals - t.me/MCPsupportbot
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.