Description
⋅ Hi,
Can anyone tell me why you wouldn't short LTCBTC right now?
It may well be a slow burn short..but I am struggling for a reason not to put a small short in here & let it run:
Bearish because:
- No pending news until September
- Volume disgustingly low and falling
- RSI bearish
- MACD weak/bearish
- Volume profile resistance is huge with little to no support to the downside
- Classic ABC retracement waves formed
- Bearish descending triangle
- Fib lines plotted last, line up well with short expectations
- Heavy EMA 20/50/100 resistance
- Many other projects with good newsflow incoming - ie Where are people going to invest their capital..
Risks?
- BTC goes full bullmode, institutional money flows in - all maincoins pump
- LTC releases some surprise news
Trading plan:
Entry - 0.01582
Stop - 0.01655 (Risk 4.61%)
Target - 0.01366 (Reward 13.65%)
2.96 Risk/Reward ratio
This is not financial advice, just my trading plan. Comment
⋅ No intent on exiting this yet... looking good to continue down
Comment
⋅ No pullback in a while... safe time to exit now in my opinion..
Will look to re-enter if we get a strong breakdown through 0.0152