Tickmill
Long

Litecoin testing major resistance, watch for the break!

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Litecoin is testing major resistance at 172.58 and a break above this level could trigger a move all the way u p to 213.62 ( Fibonacci retracement , horizontal overlap resistance). We do have to be careful about strong intermediate resistance at 196.16. We can see a bit of a squeeze happening too with our ascending support line pushing price up steadily against the major resistance at 172.58.

RSI (34) sees major resistance at 62% where a break above could trigger a change in momentum to bullish and open a bigger move up.

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Losses can exceed the initial investment so please ensure you fully understand the risks.

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This analysis is provided as general market commentary and does not constitute investment advice.
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