Description
⋅ Evening Traders,
Today’s analysis – LTCUSDT – trading at a clear resistance where a trend reversal is probable,
Points to consider,
- Price action impulsive
- .618 Fibaoncci Resistance
- Daily S/R Resistance
- VAH Resistance
LTCUSDT’s immediate price action is trading at an area of technical resistance confluence, this allows for a bearish bias.
The area is in confluence with the .618 Fibonacci, VAH, Daily S/R and the Internal Weekly S/R, this deems the area for potential trend reversal.
The immediate objective is the lower Daily S/R Support, a bounce here is likely which will then need a further analysis.
Overall, in my opinion, LTCUSDT is a valid short with defined risk, price action is to be used upon discretion/ management.
Hope this analysis helps,
Thank you for following my work
And remember,
“Confidence is not "I will profit on this trade." Confidence is "I will be fine if I don't profit from this trade.”
― Yvan Byeajee