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