For the day ahead
Litecoin would need to move through the $176 pivot to bring the first major resistance level at $180 into play.
Support from the broader market would be needed, however, for Litecoin to break back through to $180 levels.
Barring an extended crypto rally, the first major resistance level and Tuesday’s high $181.26 would likely cap any upside.
In the event of an extended breakout, Litecoin could test resistance at $190. The second major resistance level sits at $185.
Failure to move through the $176 pivot would bring the 62% FIB of $174 and the first major support level at $171 back into play.
Barring an extended sell-off, however, Litecoin should steer clear of sub-$170 levels. The second major support level sits at $167.
A sustained fall through the 62% FIB of $174 would form a near-term bearish trend from 10th May’s swing hi $413.91.
Looking at the Technical Indicators
First Major Support Level: $171
Pivot Level: $176
First Major Resistance Level: $180
23.6% FIB Retracement Level: $322
38.2% FIB Retracement Level: $265
62% FIB Retracement Level: $174