The beginning of the week on the majority of major cryptocurrencies began with a large demand gap, which we could also observe on the litecoin quotations. Currently, the supply side is close to closing the gap, which is located in the price range of 168 USD. These types of places are usually treated as strong support levels.
In the case when a reversal formation appears close to mentioned area, it should be a good opportunity to take a long position. Possible closing of the gap and continuation of degreases should move down the course at least around 160 USD.
Increasing quotations of the described cryptocurrency, the first serious resistance will most likely come in the price region of 212 USD.
Risk Warning: The contents of this analysis is for informational purposes only and does not constitute investment advice.