LTCUSDT: The rebound is weak; I’m more bearish on resistance near $58
LTC is currently trading around $57.11. It has fallen from $62.37 to a low of $55.04. Although it has rebounded slightly, it has yet to reclaim the 7-day moving average at $58.57, while the 25-day moving average has moved down to $62.42.
My view is clear: I’m bearish in the short term. This rebound looks more like a recovery after the decline. As long as the price continues to struggle to reclaim the area around $58, it could test the $56 area again.
My futures trade plan: Short
Entry: Scale into short positions between $57.50 and $58.20.
First target: $56.00.
Second target: $55.10.
Third target: $54.50.
Stop-loss: $59.20.
If the price drops straight below $55.90, I’ll wait for it to rebound toward $56 and confirm that it can’t reclaim that level before entering short. I won’t blindly chase the decline.
I’m focusing on two key levels for this trade: $58 and $55. If the price breaks above $58 and holds there, I’ll need to reassess the bearish outlook. If the rebound remains weak and $55.90 gives way again, there could be room for further downside.
Do you think LTC will return to $55 first, or rebound straight through $58?
#LTC $LTC
LTC is currently trading around $57.11. It has fallen from $62.37 to a low of $55.04. Although it has rebounded slightly, it has yet to reclaim the 7-day moving average at $58.57, while the 25-day moving average has moved down to $62.42.
My view is clear: I’m bearish in the short term. This rebound looks more like a recovery after the decline. As long as the price continues to struggle to reclaim the area around $58, it could test the $56 area again.
My futures trade plan: Short
Entry: Scale into short positions between $57.50 and $58.20.
First target: $56.00.
Second target: $55.10.
Third target: $54.50.
Stop-loss: $59.20.
If the price drops straight below $55.90, I’ll wait for it to rebound toward $56 and confirm that it can’t reclaim that level before entering short. I won’t blindly chase the decline.
I’m focusing on two key levels for this trade: $58 and $55. If the price breaks above $58 and holds there, I’ll need to reassess the bearish outlook. If the rebound remains weak and $55.90 gives way again, there could be room for further downside.
Do you think LTC will return to $55 first, or rebound straight through $58?
#LTC $LTC