Litecoin consolidating strongly for a potential drop

BITFINEX:LTCUSD   Litecoin / 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.

Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Trade geschlossen: Ziel wurde erreicht: 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 Antworten
Tickmill NickPadovani
@NickPadovani, thanks bud!
Yeah, that was pretty much the definition of accurate.
+3 Antworten
Tickmill jbutler7
@jbutler7, hell yeah!
On point
+1 Antworten
dont you think if BTC drop to 8k-9k LTC will drop further ? 130 $ or 100$ ?
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