LTCUSD has reacted nicely from descending resistance,keep watch!

LTCUSD has risen to our long term descending resistance line, tested it and started to react nicely off it. The overall momentum remains bearish and our first major resistance is at 149.41 (Fibonacci retracement, horizontal overlap resistance, Fibonacci extension, descending resistance) where further bearish momentum could drive price down to at least 108.41 support (Fibonacci extension, horizontal swing low support). Our long term descending resistance line is also adding a lot of bearish momentum to this setup.

Stochastic (34,5,3) is dropping nicely from our 99% resistance with good downside potential.

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