Usually, I wouldn't consider shorting when RSI is practically oversold on every timeframe. However, on the back todays negative LitePay news and the lack of major support until $107-106 once $137 is broken; this could be a great risk to reward short. I expect bounces to be fairly weak if recent sentiment is any indicator. And while I do think stop losses are a good idea I would make sure I'd give my stop loss enough space just in case so that I don't get stopped out from bounces or sideways chop.
Don't get me wrong, $137 is going to be a strong resistance; however if Bitcoin continues to show weakness, Litecoin will be pulled down as well. And given that the price is currently $138, the probability that LTC will break that resistance on the next Bitcoin dump is significant.
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Recommend start scaling out of your short between $126.50 to $118.