Litecoin consolidating strongly for a potential drop

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 geschlossen: Ziel wurde erreicht:

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

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