Trading idea for Litecoin

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Good day traders! A trading idea for Litecoin.

On August 2, a strong short impulse occurred, during which Litecoin dropped in value by $ 10 at once.

After that, a two-day growth was observed, in the area of 50% Fibonacci.

Trade short positions to continue the impulse, targeting a breakout of the 51.7 low, relative to the ABC wave pattern in the chart.

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The impulse went not only in Litecoin, but to other cryptocurrencies as well, which rather speaks of the fundamental fixing of longs by large crypto players.

Hold on to the plan until the quote breaks the price level of $ 64.

The second target after the breakout is the 161.8 Fibo, located at the price level of $ 44.

This plan is developed, on the grounds of Price Action and Stop Hunting strategies.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com