Litecoin looks like it's about to fall off a cliff. (technical analysis below)
Price has consolidated in a descending triangle pattern since hitting all time highs in the beginning of December.
This pattern should have broken out in the direction of the trend, up.
But when a bullish pattern breaks down, then that is extremely bearish, because not even a bullish pattern was able to hold up the price.
Now we are consolidating under the support level that was the bottom support of the consolidation triangle.
We see a BEAR FLAG trying to hold on to that 200 moving average.
If we break below that moving average and the bear flag, and also crash below that psychological level of 200, then we should see much lower prices down to the next support level of 150
THE TRADE:
Short under 205
Price target around 150
Take profits along the way.
If you want to short coins, then you need to find an exchange with margin capabilities.
I personally use BITMEX for shorting. They have 100x leverage. Support me by using this link to sign up:
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Sincerely,
The Berlin Trader
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EXCHANGES:
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MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections + measured moves
Successful trading means proper risk sizing and trading small so you can stay in the game.