Why aren't more traders shorting Litecoin?
PRICE ACTION
LTC has just bounced off the $84 as a short-term support; however, the 5m chart suggests a lot of weakness in the RSI which could lead to further downside price pressures. Add to this, volume has dropped off; and it suggests bulls have run out of fresh capital.
The key price for bears is to ensure the price gets to $80 as that will set up the technical prospect of a market turn that should lead short-term traders to roll back into cash heavy positions.
Bears could look to take advantage of the 4H hidden bearish to enter positions; looking for a low side target of around $70.
OPEN INTERESTS (BITFINEX)
Long: 1.24 Days
Short: 0.64 Days
RELATIVE STRENGTHS
ON BALANCE VOLUME
KEY PRICE AREAS
Resistance: 100, 145, 175
Support: 80, 69 (52W MA), 68 (28D MA)
PREVIOUS ANALYSIS
LTC has just bounced off the $84 as a short-term support; however, the 5m chart suggests a lot of weakness in the RSI which could lead to further downside price pressures. Add to this, volume has dropped off; and it suggests bulls have run out of fresh capital.
The key price for bears is to ensure the price gets to $80 as that will set up the technical prospect of a market turn that should lead short-term traders to roll back into cash heavy positions.
Bears could look to take advantage of the 4H hidden bearish to enter positions; looking for a low side target of around $70.
OPEN INTERESTS (BITFINEX)
Long: 1.24 Days
Short: 0.64 Days
RELATIVE STRENGTHS
- Micro (5m): Strong
- Short Term (4h): Hidden Bullish
- Mid Term (1D): Overbought
- Macro (1W): High
ON BALANCE VOLUME
- Mid Term (1D): Higher
- Macro (1W): ATH
KEY PRICE AREAS
Resistance: 100, 145, 175
Support: 80, 69 (52W MA), 68 (28D MA)
PREVIOUS ANALYSIS
交易結束：目標達成
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