LTC tests $136 resistance for breakout

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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LTC:

• Litecoin is one of the coins that's rumoured to likely get ETF approval in the coming months or quarters, hence it's been bid up.
• Currently, Funding is flat, so there is an even mix between Longs and Shorts here. Longs likely chasing ETF approval. Shorts likely getting in to anticipate the hype dying out and LTC pulling back.
• We're seeing the price but up into its horizontal resistance at $136 and also the downtrend line.
• A break out of the downtrend line and horizontal resistance, and the price could be $150 to $160.
• The RSI is also in a downtrend with it also above its moving average, along with not being in overbought territory.

• Next Support: $110
• Next Resistance: $150 - $160
• Direction: Neutral/Bullish
• Upside Target: $160
• Downside Target: $110

Cryptonary's take

If the price were to break out and head towards the $150 to $160 area, this may set up an opportunity for Short Litecoin. This would likely see Litecoin be overbought and fundamentally Litecoin isn't a great play. The only thing it's really got going for it is the ETF narrative.

For now, we'll wait and see if the price can break out to the upside and give us the opportunity.