LTCUSD approaching resistance, potential drop!

٢٧ نوفمبر ٢٠١٨

LTCUSD is approaching our first resistance at 31.30 (horizontal overlap resistance, 61.8% Fibonacci retracement, descending channel resistance) where a strong drop might occur pushing price down to our major support at 27.25 (100% Fibonacci extension). A break below our intermediate support level might provide the bearish acceleration to our major support target.
Ichimoku cloud is also showing signs of bearish pressure and stochastic (34,5,3) is also approaching resistance where we might see a corresponding drop in price.
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