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
Trade closed: target reached
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.
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.