Lets take a look at how Litecoin has been performing since the start of April.
Litecoin found a short term bottom around $110 earlier this month when the price action stepped in and a nice little bull trend developed.
The newly found bullish momentum was not very long lived as we can see the sellers are offloading LTC around the $155 – $165 zones for a cool % profit (in Fiat) this month.
Resistance is quite heavy at $155 and I will wait for the bulls to impress me before thinking about going long on the Litecoin market. Impressive bull behavior would be a push above $165 to test $170.
Support is around $140 on the near term and I will be looking to go short should it fail. Should this happen, it would be wise to wait for cheaper prices before going long on the Litecoin markets.
Lets take a quick look at the performance vs BTC.
Some serious resistance versus Btc as you can see if you look at the 0.0165 btc – 0.0179 btc.
Support will come into play here around 0.016 btc, should this fail as near term support it would be wise to look to the shorter side for some gains.
0.015 btc – 0.0155 btc has been the floor for April, look towards this price for a possible bounce, however should it fail to act as support wait for even cheaper prices.
Feel free to discuss any of these trade ideas with me in Discord.