Litecoin: Short idea. Targets $57.75- $55. Longs reposition here

COINBASE:LTCUSD   Litecoin / Dollar
Those that follow me know that overall I'm long on Litecoin. However, my charts are telling me to sell here.


- 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.
Trade geschlossen: Stop wurde erreicht: 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.
any updates on this...? :-)
@janoslav, Yes. The trade was closed due to stops being triggered. I was obviously massively wrong on this one. And it sucks! I've been away from the desk but will put out new analysis soon. Still think we go back down to our support levels soon.
janoslav phil.steuerwald
@phil.steuerwald, do you still expect below 60$ targets.... ? i've mine set around 62-67... nice breakout now thou hmm
@janoslav, yes. I think eventually we will at least touch the $57.75 support.
At this point, I don't think we'll see $55 again. I don't think there's any way the market will allow it to get back there, especially after Charlie Lee was on CNBC.
+2 Antworten
MertB guppy_
@guppy_, 60-65 is new support imo.
+1 Antworten
@guppy_, Yep. Wish I would have listened to you guys first.
I think, if you'll see it in LTC/BTC chart, you'll see another picture. It is not a good time to sell, like for me. Before I saw it in LTC/BTC, I thinking the same like in your picture, but now it is wrong for me. It is more bullish than it feels.
@alxdr, You are obviously correct. Wow!
Hi Phil! you may be correct. I sold and bought back in for a run to multi level sell for 68 to 73 . then reset for pullback then. I guess I will see????? HAHAHHa :) that's the game man.
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