Tickmill
Short

LTCUSD approaching major resistance, prepare for potential drop!

BITFINEX:LTCUSD   Litecoin / Dollar

LTCUSD             has risen to major resistance at 149.41 ( Fibonacci retracement , horizontal overlap resistance, Fibonacci extension , descending resistance) and a strong reaction could occur at this level to 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 (21,5,3) is seeing major resistance at 99% where a corresponding reaction could occur.

Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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This analysis is provided as general market commentary and does not constitute investment advice.
thank you for the great analysis
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