LitecoinShort
Litecoin Bearish Momentum
Timeframe: 240M
Main Scenario: The rate could start an important sell-off in the upcoming hours if the rate will close below the former lows. It is pressuring the 50% Fibonacci line of the major descending pitchfork, so the failure to stabilize above this line it will announce a significant drop on the short term. Technically, it is somehow expected to drop after the breakdown below the 150% line and after the failure to retest this line.
Alternative Scenario: It could move sideways and could fail to close below the 86.311 former low. It could increase again if it stays above the 50% line.
Entry/Stop Loss/ Take Profit: You can sell it from below the 86.311 level, at 86.147. The Stop Loss should be placed above the former highs, at 88.033 level and the Take Profit above the median line (ML) of the major descending pitchfork, because maybe the rate it will fail to reach and retest it.
Duration: 2-3 days
Consolidation/Ratification level: You can drag the Stop Loss below the opening price if the rate will make a valid breakdown below the warning line (wl1).
Warning Level: A failure to stay below the 50% Fibonacci line could invalidate a further drop.
Risk Management: Risk/Reward Ratio: 2.53
Main Scenario: The rate could start an important sell-off in the upcoming hours if the rate will close below the former lows. It is pressuring the 50% Fibonacci line of the major descending pitchfork, so the failure to stabilize above this line it will announce a significant drop on the short term. Technically, it is somehow expected to drop after the breakdown below the 150% line and after the failure to retest this line.
Alternative Scenario: It could move sideways and could fail to close below the 86.311 former low. It could increase again if it stays above the 50% line.
Entry/Stop Loss/ Take Profit: You can sell it from below the 86.311 level, at 86.147. The Stop Loss should be placed above the former highs, at 88.033 level and the Take Profit above the median line (ML) of the major descending pitchfork, because maybe the rate it will fail to reach and retest it.
Duration: 2-3 days
Consolidation/Ratification level: You can drag the Stop Loss below the opening price if the rate will make a valid breakdown below the warning line (wl1).
Warning Level: A failure to stay below the 50% Fibonacci line could invalidate a further drop.
Risk Management: Risk/Reward Ratio: 2.53
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.
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.