LTCUSD: Long term sell target hit. Waiting for a bottom.

The long term short TP = 43.000 has been achieved as the violent sell price action of the past weeks even broke our expected 40.285 and 33.195 bottom zone. It is obvious that Litecoin is even more bearish than we expected and following the hit on our target we have decided to stop our long term shorting strategy on this coin and wait for the price action to indicate a bottom. The only pattern that offers a tradeable opportunity is the Channel Down on 1W (RSI = 31.241, MACD = -24.273, Highs/Lows = -16.0050) that displays a similar sequence that may be reprinted. This indicates a rebound to 39.000 that will get us close to a Lower High again. Still this is a risky trade considering the current momentum on 1D, so we will rather observe at the moment.




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