Trade Recommendation: Litecoin

This is a short trade. The price for LTCUSD remains with a bias is to the downside with the price trading below the 3 day Rolling Pivot Range (green, yellow dots). However the Daily Pivot Range (blue dots) are neutral at the time of this writing with the price action staying inside the range for the past few hours.

With today’s Opening Range (whiter background) also holding resistance be careful about buying at this moment.

Daily Pivot Moving Averages (red,yellow, white lines) remain pointed downward which is bearish on this 60 minute chart. As well the 14 day and 30 day Daily Pivot Moving Average crossed the 50 day Daily Pivot Moving Average. This is bearish on a longer term basis.

The action to take is to place a sell stop entry order, to go short at 164.50 below the recent low, and if triggered place the stop loss and profit targets as stated below.

Note: this trade recommendation is good for today and will expire at UTC 0800.

Entry Price: 164.50 Short
Stop Loss: 179.03
Profit Targets: First profit target 154.50, 2nd profit target at 144.50. Once first profit target is reached, bring stop loss to breakeven.

Litecoin bearish

Disclaimer: The writer owns Litecoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

I am the founder of VirtuesTrading.com, where traders can learn to use my Virtues Trading System. Formerly a Commodity Trading Advisor, I got my start in the Energy and Precious Metals Options & Futures pits of the New York Mercantile Exchange. I operate on the premise of efficient markets, the management of risk through the analyzation of price action and technical indicators. I have a BA in International Relations from the University of Southern California.