LTCUSD has been significantly affected by BTC movement recently. For daily or short term traders, 2H chart shows bearish trend with a possibility for a swing trade with a good profit potential in the short run. There is a good chance that support 1 can hold as it has tested that level before. If not, second support is around 150 levels, which is a great place to reload your pocket with a high profit potential. Buy orders should be placed once the bounce back from support 1 is confirmed (watch the candlesticks close carefully). Otherwise, it is wise to wait for support 2 for a trade with a high profit potential. As always, do your own research, allocate what you can afford and trade at your own risk.
Comment:
Note: I generally do not like 2H charts. 4H or 1D charts are much more reliable. However due to recently increased volatility, 2H chart can be a good source for short-term trade positions.
