LTCUSD Medium-term Trend: Ranging
Resistance: $141, $140, $139
Support: $135, $136, $137
Yesterday, Litecoin price had a bearish outlook. It was assumed that, if Litecoin continued its downtrend, it would find support at either $130 or $140. The relative strength index period 14 also stated that the asset was oversold, suggesting that the bulls will take control of the market. The asset price was trading at $138.03 at the time of writing. Litecoin price is range-bound between the resistance level at $150 and the support level at $130.
On 15 May, the bulls tested the resistance level but were resisted at $152, which led to the asset falling to the $136 low. However, if the price breaks the resistance level, Litecoin will revisit the $160 high but will face resistance at the $168 level. On the other hand, if the price breaks the support level at $130; the asset will fall to the $120 low.
Meanwhile, the relative strength index period 14 is level 51 indicates that price is in the range bound zone
LTCUSD Short-term Trend: Ranging
The asset is ranging between the $141 and $137 levels. This is a good setup for trading. If you followed this market from its inception, you will take a short trade at the resistance level and exit near the support zone. Secondly, you will place a long trade and exit near the resistance zone. For short trades, always put your stop loss above the resistance level while you put your stop loss below the support level for your long orders.
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