Litecoin testing major resistance, watch for a reversal!

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
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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This analysis is provided as general market commentary and does not constitute investment advice.
very proficient analyst, thanks
+1 Reply
any updates
+1 Reply
Thank you for the heads up
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