• Litecoin reversed from resistance area
• Likely to reach support level 200.00
Litecoin cryptocurrency pair recently reversed down from the resistance area located between the key resistance level 239.10 (top of the previous minor impulse wave 1 from the middle of March) and the upper daily Bollinger Band. The downward reversal from this resistance area stopped the previous sharp upward impulse wave (i) and started the active minor correction (ii).
Given the strength of the aforementioned resistance area and the overbought reading on the daily Stochastic indicator – Litecoin cryptocurrency is likely to correct down further in the active minor wave (ii) toward the next round support level 200.00 (target price for the completion of the active correction (ii)).