We had recommended buying Litecoin on dips to $165. Traders who have initiated long positions today should keep the stop loss at $142.
The LTC/USD pair turned down from the 20-day EMA on March 21 and broke below the downtrend line. Unless the bulls recover prices quickly, the cryptocurrency will retest the March 18th lows. If the retest fails, a slide to $128 will be on the cards.
The first sign of strength will be when the price sustains above $180. Please use only 50 percent of the usual position size. If you have purchased the normal size, please sell half at the current levels. Let’s keep our risk to the minimum.