A quick short setup for LTCBTC

Todays short setup for LTCBTC

This is a short term trade based on:

• Bear Div in RSI, RSI oddly high on the lower timeframes
  
• Volume still dead
  
• EMA 20,50,VWAP all below current price
  
• No real zones of support around this price
  
• Lower high pivots
  
• Lower timeframe price action 5m-15m supporting a continued dive after current little pullback to the upside
  
• 3rd solid Test of 61% fib, all the above supports we break it
  
• THE TREND IS YOUR FRIEND.
  

This is a solid setup in my opinion with minimal upside (3.85%) - Stop less is set just above the recent pivot high.

Will cover half my short @ 0.012 (+7.5%) then let the rest run - real chance this could free fall...but more likely we just continue to see a bleed out, will probably cover before futures settlement date.

Risks: BTC moon run.

Kommentera:

Closing full position here on the possible double bottom @ 0.01249

Kommentera:

Double bottom held, decision to cover was right.