cheesetoast
Short

Further weakness for LTC

BINANCE:LTCBTC   Litecoin / Bitcoin
Trading the alts against BTC has been quite straight forward the last few days. Bearish patterns have been playing out very well.

We can see on the chart LTCBTC has broken out of a rising channel . This is a sign of weakness, which was a more probable outcome given the grinding nature of price (circled area).

On the smaller time frames, there was even a head & shoulders pattern that completed and reached target.

Medium short term target is shown near the GREEN line. This does not mean to market short now (unless it's a very small position). I'll be keeping an eye and wait for a pattern to emerge to confirm an entry however I do expect the green line to be reached.

Please give this trade idea a THUMBS UP and I will keep you updated!

Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Trade active: Small short position entered at re-test of supply zone (circled area)
Trade active: Moved stops to break even. Starting to capitulate now. Bitcoin looking weak too.
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