LIT/USDT is trading under significant resistance from a trendline that has held its ground through two separate tests. This established trendline showcases the coin's difficulty in surmounting this barrier. Whereas, currently, the price trajectory suggests the formation of a bearish continuation pattern. Notably, a bear flag seems to be in the making, which, if it plays out, will amplify bearish sentiments.
We should be vigilant for a potential price test towards the immediate resistance zone depicted on the chart. This zone coincides with our robust trendline, making it a critical area of confluence. Should there be a price rejection from the aforementioned resistance, it's plausible to witness a bearish dive. The immediate support, in this case, aligns with the pattern's bottom trendline situated around the 0.49 mark.
A decisive breakdown from here could propel the price towards the pattern's targeted zone, approximately at 0.15.
Although, at present, my eyes are set on a potential long opportunity. The current setup offers an enticing risk-reward ratio, but it's imperative to maintain a tight stop-loss, preferably just below the 0.49 level.
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We should be vigilant for a potential price test towards the immediate resistance zone depicted on the chart. This zone coincides with our robust trendline, making it a critical area of confluence. Should there be a price rejection from the aforementioned resistance, it's plausible to witness a bearish dive. The immediate support, in this case, aligns with the pattern's bottom trendline situated around the 0.49 mark.
A decisive breakdown from here could propel the price towards the pattern's targeted zone, approximately at 0.15.
Although, at present, my eyes are set on a potential long opportunity. The current setup offers an enticing risk-reward ratio, but it's imperative to maintain a tight stop-loss, preferably just below the 0.49 level.
Your feedback and support fuel our analyses. If you find this breakdown valuable, please express your appreciation with likes and shares. Always remember to trade responsibly!
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