LTC/BTC - Strong Sell Opportunity

Whats up traders, I hope you're all having a good trading day.

Here we have LTC/BTC on the 1D chart.

Price recently broke a channel support level at 0.00900000, and also tested a side-ward resistance level simultaneously. Price has moved nicely since the breakout, and now I am expecting a down move to the target level of 0.00500000.

Our target is based on a measure move of previous bearish impulse leg and the successful breakout of the structure support channel. Knowing this, we now have a reliable support turned resistance ceiling, and a good place to short with small risk.

This trade could play out in 2 ways, see the scenarios below:

-Price continues to drop in the same fashion it has been, and achieve target level at 0.00500000.
-Price drops, but then has a correction before the down move (The preferred scenario as a correction will give us an continuation entry) and then achieves it's target move later.

Do bare in mind that price has dropped a lot already. For an ideal trade we realistically want to see a correction.

I will be updating this trade as it progresses.
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Great. I did try this yesterday and had a 45% return on my investment
+1 回覆
@Germainm, Great. Was a good catch!

I post a lot of trades like these, check them out if you want :)
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