Litecoin Under Massive Pressure After Fake Walmart News!

Litecoin stands above 180.00 psychological level at 180.39. It's trading in the red after climbing as much as 188.88 level today. As you already know, LTC/USD increased as much as 237.88 in yesterday's trading session after fake news announcing a partnership between Walmart and Litecoin.

Fundamentally, the pressure is high after yesterday's controversy. It remains to see how the price of Litecoin will react during Walmart's investigation. Technically, LTC/USD hovers right above critical dynamic support.

LTC/USD Imminent Downside Movement!

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Litecoin registered a false breakout with great separation through the 232.64 higher high in yesterday's session. It seems undecided and it continues to stay above the ascending pitchfork's lower median line (LML).

Making a valid breakdown through the lower median line (LML) could activate and announce a potential downside movement towards the 150.00 psychological level.

Forecast!

Litecoin could extend its downside movement, the sell-off if it drops and stabilizes below the lower median line (LML). Its failure to reach the upper median line (UML) signaled exhausted buyers.

So, a valid breakdown below the dynamic resistance, LML, could also bring short opportunities. Still, in the short term, we cannot exclude a temporary growth before activating a strong drop.

The material has been provided by InstaForex Company - www.instaforex.com

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