Litecoin testing major resistance, watch for a reversal!

Litecoin is now testing strong resistance at 183 (descending resistance line, Fibonacci retracement, horizontal overlap resistance) and a strong reaction could occur at this level to push price down towards 167 support (Fibonacci extension, horizontal swing low support). We have to keep an eye out on our ascending support line as only a break of that would signal a stronger potential bearish acceleration downwards.

RSI (34) sees intermediate resistance at 53% where a corresponding reaction could occur. Similarly with price, we have to watch our ascending support line as only a break of that would trigger a potential bearish acceleration.

Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.

Trade closed: target reached:

Whoo! This is what I call the perfect trade :)

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