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.