Those that follow me know that overall I'm long on Litecoin. However, my charts are telling me to sell here.
Reasons:
- We are at the top of our bull channel
- RSI indicates we are highly overbought
- Top of Bollinger
- LTCBTC chart shows overhead resistance of 50MA on the daily
- Everything follows our lead dog Bitcoin, which has nearly reached a long term target of $4800
If you have the ability to short Litecoin using your exchange, this is a great opportunity to do so. If you are a longer term bull (as I am) you might consider selling here and then repositioning in at a better price.
Our target for these trades remain our support levels of $57.75 or $55 or anywhere in between.
Happy trading all.