Quick 10% Play on LTC
Updated
Hey everyone,
Awesome week so far for the LTC bulls, but it's a little hot. After the 45% spike, the RSI is in the danger zone, and the divergence from the EMA was getting pretty hefty. The .236 fib level was predictably met, but the low bear volume is staling the market.
We are looking to play a short-term short on LTC to line our wallets for the next bull run.
Once price confirms below the .236 fib level, and a baerish ema crossover occurs, we are looking to short to about $79.95.
This is right above the initial spike last week, which has very impressive support.
Ideally, we want to see some bear volume here, but the crossovers alone should help push price down.
If the RSI cools off below 65 without price touching $82, if price doesn't meet this play in a week, or if price goes above $92.08, it might be a good idea to close this position.us to play the bear flag.
What do you all think? Let me know below!
-Block
Awesome week so far for the LTC bulls, but it's a little hot. After the 45% spike, the RSI is in the danger zone, and the divergence from the EMA was getting pretty hefty. The .236 fib level was predictably met, but the low bear volume is staling the market.
We are looking to play a short-term short on LTC to line our wallets for the next bull run.
Once price confirms below the .236 fib level, and a baerish ema crossover occurs, we are looking to short to about $79.95.
This is right above the initial spike last week, which has very impressive support.
Ideally, we want to see some bear volume here, but the crossovers alone should help push price down.
If the RSI cools off below 65 without price touching $82, if price doesn't meet this play in a week, or if price goes above $92.08, it might be a good idea to close this position.us to play the bear flag.
What do you all think? Let me know below!
-Block
Note
Our play went exactly as planned. LTC gave us a little cash to prime for this next bull movement!-Block
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.