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.
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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