• Litecoin reversed from resistance area
• Likely to fall to support level 162.60
Litecoin cryptocurrency recently reversed down from the combined resistance area located between the resistance level 190.00 (which has been reversing the price from the start of June), upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward price impulse from the middle of May. The downward reversal from this resistance area stopped the pervious impulse waves 3 and (3).
Given the strength of the aforementioned resistance area and the worsening risk sentiment as seen across the crypto markets today, Litecoin cryptocurrency can be expected to fall further toward the next support level 162.60 (low of the pervious minor correction 2).
