• Litecoin falling inside wave (2)
• Likely to test support level 164.75
Litecoin cryptocurrency continues to fall after the price reversed down from the resistance zone lying between the pivotal resistance level 216.00 (former strong resistance from May and the strong support from April), upper daily Bollinger Band and the 50% Fibonacci correction of the sharp downed impulse from May. The downward reversal from this resistance zone started the active correction (2).
Given the worsening sentiment seen across the cryptocurrency markets today – Litecoin cryptocurrency can be expected to fall further toward the next support level 164.75 (which has been reversing the price from the middle of August).