$LTC /USDT BEARISH OUTLOOK: SHORT OPPORTUNITY š
Here's a technical analysis of the LTC/USDT chart, specifically for a short trade setup:
Key Levels & Current Price:
* Current Price: $86.09
* Strong Resistance Zone: $88.50 - $88.90 (where the significant drop initiated)
* Minor Resistance/Entry Zone: The shaded grey box indicates a resistance zone where the price is currently reacting, around $86.50 - $87.50. This is a potential retest area before further decline.
* Immediate Support: The price is currently testing the lower end of the grey shaded box, around $86.00. The blue shaded area below the grey box, from approximately $85.50 downwards, shows the potential profit zone.
Market Next Move (Bearish):
The chart clearly indicates a shift from bullish momentum to a strong bearish reversal. After hitting a resistance zone around $88.90, the price experienced a sharp decline, breaking through previous support levels. The current price action suggests a retest of broken support now acting as resistance, before a potential continuation of the downtrend.
Trade Setup (Short Entry):
This chart is set up for a short trade.
* Entry: The trade is already initiated (indicated by the shaded grey and green boxes). An ideal entry would have been within the upper part of the grey box, or on a confirmed breakdown from the current price level.
* Ideal Entry Zone: $86.50 - $87.00 (as shown by the grey box on the chart). Given the current price of $86.09, entering now if the bearish momentum continues is also an option, or waiting for a minor bounce to the upper end of the grey box.
* Take Profit (TP):
* TP1: $85.50 šÆ
* TP2: $84.70 šÆ
* TP3: $84.39 (as marked on the chart) šÆ
* Stop Loss (SL): Place your stop loss above the immediate resistance level where the bearish reversal initiated.
* Stop Loss (SL): $87.70 (as marked on the chart) š
Risk Management:
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