Litecoin: Short idea. Targets $57.75- $55. Longs reposition here
Those that follow me know that overall I'm long on Litecoin. However, my charts are telling me to sell here.
Reasons:
- We are at the top of our bull channel
- RSI indicates we are highly overbought
- Top of Bollinger
- LTCBTC chart shows overhead resistance of 50MA on the daily
- Everything follows our lead dog Bitcoin, which has nearly reached a long term target of $4800
If you have the ability to short Litecoin using your exchange, this is a great opportunity to do so. If you are a longer term bull (as I am) you might consider selling here and then repositioning in at a better price.
Our target for these trades remain our support levels of $57.75 or $55 or anywhere in between.
Happy trading all.
Reasons:
- We are at the top of our bull channel
- RSI indicates we are highly overbought
- Top of Bollinger
- LTCBTC chart shows overhead resistance of 50MA on the daily
- Everything follows our lead dog Bitcoin, which has nearly reached a long term target of $4800
If you have the ability to short Litecoin using your exchange, this is a great opportunity to do so. If you are a longer term bull (as I am) you might consider selling here and then repositioning in at a better price.
Our target for these trades remain our support levels of $57.75 or $55 or anywhere in between.
Happy trading all.
Dagangan ditutup: hentian tercapai
Holy crap was I wrong on this one! If you shorted, I sure hope you set your stops. They should have followed the top ascending green trendline.
If you sold, I'd wait for it come back down. It can't continue ascension without some sort of rest.
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Stewdamus Trades -
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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stewdam.us
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.