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DASH/USD and LTC/USD Technical Analysis May 16, 2017

newsbtc
newsbtc
1 year ago
1 min read
ltcusd

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Hello and welcome to News BTC’s Market Outlook May 16.

DASH/USD

DASH initially fell on Monday but found support again at the $82.50 level. We turned around to form a nice-looking hammer, but that was preceded by a shooting star on the daily chart. Typically, this means that we are about to see consolidation, so I think range bound trading between the $82.50 level on the bottom and the $95 level on the top will be the case going forward. Longer-term, I still believe in the upside, but it looks as if range bound back and forth trading is probably where we need to be thinking.

LTC/USD

LiteCoin fell during the day on Monday, but continues to see interest near the $27.50 level. There is significant support underneath, so I think it’s only a matter of time before the buyers get involved, and this pullback will be more than likely looked upon as a nice buying opportunity in a stronger uptrend overall. I have no interest in selling, and believe that short-term bounces will give us an opportunity to go long.

Thanks for watching and see you again tomorrow.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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