Bearish flag on Litecoin
Updated
Hi, Traders ! Monfex is at your service !
Bearish flag is seen on 4H TF of Litecoin:
* Litecoin is in the upward sloping channel, which is likely to be interpreted as the bearish flag.
* Usually, many indicators show bearish divergence at the higher highs inside the flag. And that is the case.
* There is a possibility for the price expanding outside the flag formation - to the resistance area just above $60; however, by observing how the things are going now, that is of a small likelihood.
* Generally, we lean towards the Short scenario since the flag formation usually unfolds in the direction of the previous impulse.
* At the same time, the flag formation questions and undermines existing bullish expectations.
Active trade signal
Sell @$58 - 60.
Target: $30 - 35.
Stop-loss: $65.
Risk/Reward: 5(6):1
Watch for our Updates to get real-time superior signals!
GOOD LUCK AND LOTS OF PROFITS !!
Disclaimer
This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.
Bearish flag is seen on 4H TF of Litecoin:
* Litecoin is in the upward sloping channel, which is likely to be interpreted as the bearish flag.
* Usually, many indicators show bearish divergence at the higher highs inside the flag. And that is the case.
* There is a possibility for the price expanding outside the flag formation - to the resistance area just above $60; however, by observing how the things are going now, that is of a small likelihood.
* Generally, we lean towards the Short scenario since the flag formation usually unfolds in the direction of the previous impulse.
* At the same time, the flag formation questions and undermines existing bullish expectations.
Active trade signal
Sell @$58 - 60.
Target: $30 - 35.
Stop-loss: $65.
Risk/Reward: 5(6):1
Watch for our Updates to get real-time superior signals!
GOOD LUCK AND LOTS OF PROFITS !!
Disclaimer
This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.
Trade closed manually
Related publications
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.