Litecoin Bearish Channel still Holding?
Updated
https://www.tradingview.com/x/lZosWfph/
As long as price remains within its channel, its always safe to trade in the direction of the channel. The current bearish channel shown on the chart is still holding for this pair. The current short trade within the channel is marked by the green and res lines. Note how they knew where Fib 50.0 was. I like placing entry orders at this or Fib 61.8 after price has taken out a channel level, even reassuring there you have a channel line meeting a Fibonacci level. Our next target is shown as the bottom channel line where we have a confluence with Fib 138.2. If you are planning to short this pair, wait for a retracement that follows after price has touched a channel level. Never sell towards a channel line. Hope this little helps.
As long as price remains within its channel, its always safe to trade in the direction of the channel. The current bearish channel shown on the chart is still holding for this pair. The current short trade within the channel is marked by the green and res lines. Note how they knew where Fib 50.0 was. I like placing entry orders at this or Fib 61.8 after price has taken out a channel level, even reassuring there you have a channel line meeting a Fibonacci level. Our next target is shown as the bottom channel line where we have a confluence with Fib 138.2. If you are planning to short this pair, wait for a retracement that follows after price has touched a channel level. Never sell towards a channel line. Hope this little helps.
Trade active
Our Channel is still holding. Use your entry strategy to get back into the trade after the current retracement which should be halted by any of the previous channel lines above. The ultimate target is the lower channel line.
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