As I draw attention before, the 100 zone is a very strong resistance for Litecoin, and, in spite of this recent hype and "back to bull run" calls from the crypto Gurus, I don't expect it to have a sustained rise above this figure.
As we can see from the posted chart, LtcUsd already started to drop from this zone and also the recent leg up from December is a rising wedge.
A drop under 90 would confirm the pattern and the coin could drop to 60.
My general idea remains unchanged overall (although I had some buy trades on Btc and Eth): this is just a correction in the crypto market's case and as for Ltc, sell rallies towards 100 could be a good idea if you are also bearish on medium to longer term.
Of course, I could be wrong, but from a speculative point of view, a sell at 100 with a stop at 120 and a target at 60 makes sense.
As we can see from the posted chart, LtcUsd already started to drop from this zone and also the recent leg up from December is a rising wedge.
A drop under 90 would confirm the pattern and the coin could drop to 60.
My general idea remains unchanged overall (although I had some buy trades on Btc and Eth): this is just a correction in the crypto market's case and as for Ltc, sell rallies towards 100 could be a good idea if you are also bearish on medium to longer term.
Of course, I could be wrong, but from a speculative point of view, a sell at 100 with a stop at 120 and a target at 60 makes sense.
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📈 Forex & XAU/USD Channel:
t.me/intradaytradingsignals
💎 Crypto Channel:
t.me/FanCryptocurrency
Related publications
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.