Litecoin: Price Analysis, April 16

1

LTC/USD

Though Litecoin has broken out of the downtrend line 1, it is struggling to scale above the horizontal resistance at $141.026.




LTC/USD




For the past four days, the LTC/USD pair has been consolidating in a tight range near the overhead resistance.

Even if the price breaks out of $141.026, it will again face resistance at the downtrend line 2. If price turns down from the current levels, we may expect a range bound trading action for a few days.

As we don’t find any buy setup with a good risk to reward ratio, we remain neutral on Litecoin. We shall change our view once it starts trading above the downtrend line 2.

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