Litecoin consolidating strongly for a potential drop

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
Litecoin continues to test 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 descending resistance which is in line with the descending resistance we are seeing on price too.

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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.
God damn! Look at you homie.
+3 Reply
Tickmill NickPadovani
@NickPadovani, thanks bud!
Yeah, that was pretty much the definition of accurate.
+3 Reply
Tickmill jbutler7
@jbutler7, hell yeah!
On point
+1 Reply
dont you think if BTC drop to 8k-9k LTC will drop further ? 130 $ or 100$ ?
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