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FxWirePro: LTC/USD hovers around 61.8% Fib, bias lower, eyes 200-DMA at 133.62

  • LTC/USD extends grind lower below 5-DMA, scope for further weakness.
     
  • The pair has taken minor support at Feb 14 lows at 160 levels. Break below will see further weakness.
     
  • RSI is biased lower and below 50 levels. Stochs are heavily oversold and MACD supports downside.
     
  • Downside eyes next major support at 200-DMA at 133.62. Violation there could see further weakness.
     
  • On the upside, immediate resistance is seen at 5-DMA at 186.33. Break above could test 20-DMA at 205.55.
     
  • Decisive breakout at 20-DMA invalidates bearish bias.

Support levels - 140.99 (Feb 11 low), 133.62 (200-DMA), 121 (major trendline)

Resistance levels - 186.33 (5-DMA), 205.55 (20-DMA), 231.76 (Feb 26 high)

Recommendation: Good to go short around 165, SL: 185, TP: 150/ 141/ 135

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