LTCUSDT 12H short setup
Updated
TA explained
LTCUSDT pair shows bearish signs. On the daily timeframe the price reached strong resistance it wasnt able to break. Also a clear double top can be found. Looking at the RSI it shows clear support for more downside movement. So this timeframe suggests downside direction.
Taken this perspective to the 4H timeframe we can see that the price had an impulse to the downside, retraced and created an M-Formation. It also tested the neckline of the M and seems to get rejected once again. This is my confirmation for a short setup.
Targets align with the previous low and the fib levels taken from the last leg down and of the retracement leg. SL is above the trendline which pushed the price down and the 0.618 fib level of the impulse to the downside drawn on the 12H TF.
Trade setup
Best entries: 44.80 - 43.50
TP1: 41.81
TP2: 40.57
TP3: 39.41
SL: 45.74
RR: 2.56
Max leverage: 7x
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Do Your Own Research (of course)
Trade at own risk (of course)
Only trade what you can afford to lose (of course)
LTCUSDT pair shows bearish signs. On the daily timeframe the price reached strong resistance it wasnt able to break. Also a clear double top can be found. Looking at the RSI it shows clear support for more downside movement. So this timeframe suggests downside direction.
Taken this perspective to the 4H timeframe we can see that the price had an impulse to the downside, retraced and created an M-Formation. It also tested the neckline of the M and seems to get rejected once again. This is my confirmation for a short setup.
Targets align with the previous low and the fib levels taken from the last leg down and of the retracement leg. SL is above the trendline which pushed the price down and the 0.618 fib level of the impulse to the downside drawn on the 12H TF.
Trade setup
Best entries: 44.80 - 43.50
TP1: 41.81
TP2: 40.57
TP3: 39.41
SL: 45.74
RR: 2.56
Max leverage: 7x
—————
Do Your Own Research (of course)
Trade at own risk (of course)
Only trade what you can afford to lose (of course)
Trade active
Took a bit longer but first target finally got reached. 2nd and 3rd targets are still valid so keep your patience for this one.Trade closed: target reached
2nd and 3rd target reached, trade is closedProfit for all targets:
1 4.89% or 34.23% with 7x lev
2 7.71% or 53.97% with 7x lev
3 10.35% or 72.45% with 7x lev
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