I have been short on Litecoin since the $127 area but am starting to think it may be time to close that position at <$90.
We seem to be in the tail end of Phase B of a textbook Wyckoff pattern.
If that does indeed turn out to be the case, Litecoin could potentially make a run to test $150 plus turning what has been an incredible trade so far into a real dud.
My bearish bias makes me think this is unlikely but its very difficult to argue with the pattern developing.
That being said, this is not one of the patterns I normally trade so any and all feedback is welcome, ESPECIALLY if I've misinterpreted this pattern.
Don't be shy!
Thanks!
We seem to be in the tail end of Phase B of a textbook Wyckoff pattern.
If that does indeed turn out to be the case, Litecoin could potentially make a run to test $150 plus turning what has been an incredible trade so far into a real dud.
My bearish bias makes me think this is unlikely but its very difficult to argue with the pattern developing.
That being said, this is not one of the patterns I normally trade so any and all feedback is welcome, ESPECIALLY if I've misinterpreted this pattern.
Don't be shy!
Thanks!
Trade closed: stop reached:
This did not age well.