Litecoin: Short idea. Targets $57.75- $55. Longs reposition here

Those that follow me know that overall I'm long on Litecoin. However, my charts are telling me to sell here.

Reasons:

- We are at the top of our bull channel
- RSI indicates we are highly overbought
- Top of Bollinger
- LTCBTC chart shows overhead resistance of 50MA on the daily
- Everything follows our lead dog Bitcoin, which has nearly reached a long term target of $4800

If you have the ability to short Litecoin using your exchange, this is a great opportunity to do so. If you are a longer term bull (as I am) you might consider selling here and then repositioning in at a better price.

Our target for these trades remain our support levels of $57.75 or $55 or anywhere in between.

Happy trading all.

Trade closed: stop reached:

Holy crap was I wrong on this one!

If you shorted, I sure hope you set your stops. They should have followed the top ascending green trendline.

If you sold, I'd wait for it come back down. It can't continue ascension without some sort of rest.