In this article, we want to give you a “heads up” on Litecoin
The instrument is inside the consolidation flag, which is by nature after the recent falling trend, bearish. This is providing an opportunity for a downside extension in case of a daily break below the bearish lower line 76 level. A daily close below this level would confirm that this is a bearish flag.
It is advisable to wait for the price action to trigger the sell trade, this will be a higher probability sell trade. Some of the traders inclined to a more risky trades could go for the sell at the market with the stop loss above the 100.80 level.
Looking at this like a Fibonacci extension, there is a scope for the downside continuation all the way into the 40 level, which is 50% of the Fibonacci extended move May-July ’18.
By using our top-down trading technical analysis we have identified the key levels which will be triggers for the entry and exit, based on the present market conditions of the instrument.
Happy trading! (click on the chart to enlarge it)
If you want more analysis like this and trade alerts real-time on your mobile device as well join us. Through time we have developed a very respectable trading strategy which defines Entry, Stop Loss and Take Profit levels with high accuracy and allows you to make position Risk Free. We are publishing 5-10 trade alerts per week via real-time Private twitter feed!
![]("https://edgeoftrading.online/wp-content/uploads/201</p)