LTC short setup could be on the rise
Updated
In this chart we see a fairly bullish LTC making some gains.
We can see we have higher highs on our chart and divergence gives us lower lows on our RSI. RSI divergence warns us of pending sharp correction. So how do we know when to go short? We go with the trend. If our MA is still up sloping we avoid the short until we see it going sideways and our RSI crosses down through 50. Also on the Stochastic Charts of 1,2,3,4 hour and daily charts that LTC is overbought.
So to wrap up I'll go short if our MA starts going sideways and the RSI crosses down through 50 and will look to end the short when RSI and Stoch charts go into the oversold area.
(Also some might see on the daily charts that LTC has formed a cup and handle and broken upward which could indicate it will still trend upwards. That's why I use various indicators to make my trades and the indicator I'll be looking at for this trade is the RSI crossing down through 50.)
We can see we have higher highs on our chart and divergence gives us lower lows on our RSI. RSI divergence warns us of pending sharp correction. So how do we know when to go short? We go with the trend. If our MA is still up sloping we avoid the short until we see it going sideways and our RSI crosses down through 50. Also on the Stochastic Charts of 1,2,3,4 hour and daily charts that LTC is overbought.
So to wrap up I'll go short if our MA starts going sideways and the RSI crosses down through 50 and will look to end the short when RSI and Stoch charts go into the oversold area.
(Also some might see on the daily charts that LTC has formed a cup and handle and broken upward which could indicate it will still trend upwards. That's why I use various indicators to make my trades and the indicator I'll be looking at for this trade is the RSI crossing down through 50.)
Trade active
Sorry should have posted this a couple hours prior but I was outNote
I'm just looking now, it may not go as low as I assumed but still a few dollars on top of each coinTrade closed: target reached
Going back to long now made. Both RSI and Stochastic saying it'll bounce back up. May look for another short point tonight as it looks like the market could be turning again.Note
Looking for the next opportunity to maybe short again waiting for the RSI to give me the goNote
The bounce of the bollinger bands is looking good to go back up a bit and everything else is looking good for another cheeky shortTrade active
Sorry gone for another short at 52.34
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.