• Litecoin rising inside impulse wave (5)
• Likely to test resistance level 220.00
Litecoin cryptocurrency continues to rise inside the medium-term upward impulse wave (5) which started earlier from the support zone located between the pivotal support level 165.00 (former resistance from January), lower daily Bollinger Band and by the 38.2% Fibonacci correction level of the sharp upward impulse wave from December. The upward reversal form this support area created the daily Bullish Engulfing.
Given the improvement resistance risk sentiment across the cryptocurrency markets lately – Litecoin is expected to rise further toward the next resistance level 220.00 (which stopped the previous minor corrective wave B from the middle of last month).