• Litecoin reversed from support area
• Likely to rise to resistance level 200.00
Litecoin cryptocurrency recently reversed up from the support area lying between the support level 164.75 (former resistance level from the middle of January – which stopped the earlier correction 2) and the 61.8% Fibonacci correction of the previous sharp upward impulse 1 from last month. The upward reversal from this support area is aligned with the active minor impulse wave 3 of the 5th intermediate impulse wave (5) from January.
Given the predominant uptrend – Litecoin cryptocurrency is likely to rise further toward the next round resistance level 200.00 (which reversed the price sharply at the end of last month). Strong support remains at the support level 164.75.