LTC/USD Loses Nearly 7%

Bears seem to push Litecoin lower and take control over the market. LTC/USD has lost nearly seven percent in the past 24 hours. The currency pair is close to the red midterm descending trend line and goes along it currently, trying to test. The upside correction to the downtrend seems to be stopped and the price is likely to resume its downside tendency in the nearest future.
Let’s take a look inside the Fibo retracement. The currency pair has broken through the 1 retracement level and the support area at $129.78. Litecoin is close to the midterm downside trend line and jumped off the 1.618 retracement level, which coincides with the support area at $123.25. The possible scenarios for LTC/USD are the following:
1. Bullish scenario (nearly 60% of probability). Litecoin will break through the red descending trend line and move higher towards the closest resistance area at $129.78, which coincides with the 1 retracement level.
2. Bearish scenario (nearly 30% of probability). The currency pair will jump over the closest support area at $123.25 and move lower.
3. Neutral scenario (nearly 10% of probability).
The bullish scenario means a deeper correction to the downtrend.
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