Technically, our business plan was overly bullish before the events this week. As of September 5, double-digit losses have seen LTC's supports reverse previous gains and the result is a high trading range accompanied by abnormally high volumes that replace the volumes of the last trade.
As in a largely bearish trend, the fact that sellers jumped back en masse cemented bearish claims effectively nullifying our previous bullish projection. All in all, and especially if we consider the general sentiment of the market, we recommend selling in lower time periods every time you print high.
On the last day, LTC prices fell by 6% and, after the consolidation periods, as we have seen yesterday, prices are falling in sync with the dark cloud coverage of September 5. If nothing else, selling at spot rates with a stop at $ 60 with the first goals at $ 30 is a solid business plan.
Conservative traders waiting for strong signals should start to start short films only when prices are trading below our immediate support at $ 50. When this goes out, safe stops should be at the highest levels of the breaking candelabra .
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Disclaimer: The views and opinions expressed are those of the author and are not investment advice. Trading any form involves risks, as well as your due diligence before making a commercial decision.