LTC - Litecoin before the boom.
Updated
I heard there are some grasshoppers in NY around. Lets find and pick some.
Cryptospace under the hood of BTC is currently consolidating in a daily bearflag. Very similar pattern as two weeks ago.
I see the correction of BTC not completed yet, which is why we add to our shorts.
We trade LTC short since the LTC / BTC chart is not yet showing signs of a reversal. Lately LTC has been performing much weaker. In the case of a BTC move upwards LTC hasn't been acting similarly positive, which gives us more security on our short plays.
# Short entry zone is right between the 95-97 levels.
# Ultimate Targets will be the daily golden pocket area between 0.618 and 0.75 fib (70-54). I personally like to partially close shorts on the way down in 4 or 5 parts. Current levels shown on the chart resemble the ideal Targets. Targets might have to be adjusted throughout the trade.
# The short has failed once the daily closes above the 97 pivot.
Analysis in the chart.
disclaimer: This is a public record of my trades and is not a financial advice; Trades should not be placed based upon what you see here - do your own research and manage your own risk.
telegram: t.me/kehrmaschinetrading
shoutout to my one and only master: tradingview.com/u/filbfilb/
Cryptospace under the hood of BTC is currently consolidating in a daily bearflag. Very similar pattern as two weeks ago.
I see the correction of BTC not completed yet, which is why we add to our shorts.
We trade LTC short since the LTC / BTC chart is not yet showing signs of a reversal. Lately LTC has been performing much weaker. In the case of a BTC move upwards LTC hasn't been acting similarly positive, which gives us more security on our short plays.
# Short entry zone is right between the 95-97 levels.
# Ultimate Targets will be the daily golden pocket area between 0.618 and 0.75 fib (70-54). I personally like to partially close shorts on the way down in 4 or 5 parts. Current levels shown on the chart resemble the ideal Targets. Targets might have to be adjusted throughout the trade.
# The short has failed once the daily closes above the 97 pivot.
Analysis in the chart.
disclaimer: This is a public record of my trades and is not a financial advice; Trades should not be placed based upon what you see here - do your own research and manage your own risk.
telegram: t.me/kehrmaschinetrading
shoutout to my one and only master: tradingview.com/u/filbfilb/
Note
Zoomin on the Previous drop of July the 9th:Zoomin on the current situation and the same levels as on the main chart:
Note
Currently hovering within the Entry box:Note
Trade stays active although we closed daily above 97.Currently a nasty 4h candle is forming to our favor:
Note
Still far away from an exiting development, but as mentioned above the ltc btc Chart helps the trade :)Trade closed: target reached
Trade Closed here.First target reached. Enough for me here. Took nearly 61% profit since we were leveraged pretty good.
* Note to myself: Take broader invalidation levels. -> Invalidation level should have been the prior breakdown and bigger daily higher high: 105.88 -> Again, daily close above this level would have invalidated the short.
Note
Flipped partially long already, more to come.
Disclaimer
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