Bearish flag on Litecoin

COINBASE:LTCUSD   Litecoin / U.S. Dollar
Hi, Traders ! Monfex is at your service !

Bearish flag is seen on 4H TF of Litecoin:

* Litecoin is in the upward sloping channel, which is likely to be interpreted as the bearish flag .
* Usually, many indicators show bearish divergence at the higher highs inside the flag. And that is the case.
* There is a possibility for the price expanding outside the flag formation - to the resistance area just above $60; however, by observing how the things are going now, that is of a small likelihood.
* Generally, we lean towards the Short scenario since the flag formation usually unfolds in the direction of the previous impulse.
* At the same time, the flag formation questions and undermines existing bullish expectations.

Active trade signal

Sell @$58 - 60.
Target: $30 - 35.
Stop-loss: $65.

Risk/Reward: 5(6):1

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This report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.
Oct 17
Trade closed manually
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Nice one, but I need this to go up :)
Monfex_UK DaweFXHunter
@DaweFXHunter, it might a bit, ofc ) but the bearish flag, my friend .. be careful
thanks for this, what indicator are you using creating the resistance/support volume spikes on the right ?
@larj, hi there ! this is the Volume Profile, available starting from Pro subscription .. It shows Volume at Price (Horizontal Volume)
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