Litecoin is one the cryptocurrencies that plummeted from its all time highs of $370. Due to a major bearish pressure in the crypto space, almost all cryptocurrencies followed suit of diving down.

- Market structure: Market structre of LTC has been bearish after it broke the $180 level previously. Now, resting at the support level, this support has been weakening since there have been 3 tests of this support earlier. The more the tests, the more the level is prone to break. If this level breaks, next target is $70. Our shorts will be from the resistance as shown in the charts.

- Trendline: LTC has broken the 7-month long ascending trendline, which caused the breakout sell. The validation was signified when the candles opened and closed below the trendline. Also, LTC has a descending pennant pattern, which is being formed. LTC may touch the support trendline and bounce up to the resistance level to further move down.

- Retracement: The Fibonacci 61.8-75% levels completely overlap with the resistance level, which indicates a high probability sell at the level. We will wait for the market to reach here before taking any position.

-EMA's: Both EMA’s are currently above the prices, which represent a bearish structure. A death cross is also pairing up. If this death cross takes place, there maybe a massive pull down. A retest of the EMA 50 remains which confluences with the resistance and retracement.

- RSI/CCI: RSI is at a 35 level region, above the over-sold area. Similarly, CCI is at a -90 level region, which indicates a gap till the over-sold area of

-150. We will see the oscillators position when LTC reaches our selling zone.

In cryptocurrency, we usually invest and only look for a long position to hold for a longer time period. These shorts are swing trades, which we occasionally take to benefit from the short selling. LTC seems ready to break the $110 mark to further go down at $70.

We have three confirmations in this trade setup. Resistance, retracement and EMA 50. If all these occur at the resistance level, it will resort to a solid sell.

Litecoin shorts from $165

Jul 17 2021