LTC: 2/14/2018
Updated
2/14/18 (2:51pm EST):
Short Entry (212) Target (100) Stop loss (250)
Logic :
LTC like all cryptos are in a downtrend, consistently fallen and bounce off key support and fib levels after brief capitulation of about a week or so. Afterward, the price action rolls over and the volume increases to the downside until it reaches the next support or fib level.
LTC has received a huge boost of price increase from uncertainty around its fork. It recently tested resistance level around $235 and failed. A heavy resistance level is at $250 level which is where i put my stop loss. I expect some capitulation of price action back done to at least the $184 level. I expect it to drop further given how overbought it it (i have my target @ $100-$125), but i will reassess at the $184 level.
Short Entry (212) Target (100) Stop loss (250)
Logic :
LTC like all cryptos are in a downtrend, consistently fallen and bounce off key support and fib levels after brief capitulation of about a week or so. Afterward, the price action rolls over and the volume increases to the downside until it reaches the next support or fib level.
LTC has received a huge boost of price increase from uncertainty around its fork. It recently tested resistance level around $235 and failed. A heavy resistance level is at $250 level which is where i put my stop loss. I expect some capitulation of price action back done to at least the $184 level. I expect it to drop further given how overbought it it (i have my target @ $100-$125), but i will reassess at the $184 level.
Note
Timing was way off on both my LTC shorts despite having a fairly wide stop loss. Last weeks big jump to $253 stopped me out. The market today (2/21/18) seems to be accumulating a little for a dip to $200 then maybe $178. My timing was about 1 week off and so was my entry point.
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