For the day ahead
Litecoin would need to avoid a fall through the $199 pivot level to support a run at the first major resistance level at $208.
Support from the broader market would be needed, however, for Litecoin to break out from Tuesday’s high $205.27.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high would likely cap any upside.
In the event of an extended rally, Litecoin could test resistance at $215 before any pullback. The second major resistance level sits at $214.
Failure to avoid a fall through the $199 pivot level would bring the 23.6% FIB of $195 and the first major support level at $194 into play.
Barring an extended sell-off, Litecoin should steer clear of sub-$185 support levels. The second major support level at $185 should limit the downside.
Looking at the Technical Indicators
First Major Support Level: $194
Pivot Level: $199
First Major Resistance Level: $208
23.6% FIB Retracement Level: $195
38.2% FIB Retracement Level: $163
62% FIB Retracement Level: $110
The late move back through to $0.46 levels, however, saw Ripple’s XRP break back through the first major resistance level at $0.4481 and the second major resistance level at $0.4605 before easing back.
Tags: Litecoin price