Very Troubling Chart SHORT LTCBTC

2017年9月13日

I really don't like what I see when I'm looking at my charts. I love litecoin I'm really rooting for it but the chart looks bad. Textbook head and shoulder formation with a neckline at .01. Looking at the RSI over the last 10 periods or so shows a series of lower highs/lows. DI- is gaining while DI- looks like it's about to tank. While I am short this pair, I don't want to see it get nuked into the ground, I'd rather make my money going long but it could definitely get ugly. The dotted lines are areas where I expect some profit taking from shorts, but I think it's inevitable that we're going back to .01. I can see it holding but I don't know crypto can be so volatile and with lots of amateur traders + unpredictable governments moves can be exaggerated. I don't think the technical definition/target of a head and shoulders will play out because crypto and litecoin have such a promising future so I'd say .004 is the lowest low but it may not ever get there. Generally speaking, when you have something bullish in nature such as litecoin the topping patterns don't hold as much merit as bottoming patterns, so we will see. Be careful out there good luck trading I'll be watching and updating charts as I see the patterns emerge.