Litecoin (LTC/USD) extends correction as Litecoin founder sells entire holding

Litecoin founder Charlie Lee has sold all the Litecoins he owned as per a statement issued by Lee himself in a post on reddit. Litecoin prices started a major correction after this news and it has moved below the $280 support level. The market may continue to move downwards and it could even break the $250 and $220 levels going forward. Major support is the 50% Fibonacci retracement level at $223.65. On the upside, resistance is at $280 and $300.

If a market breaks below the $250 support level, it might ignite further declines towards the $220 and $200 support levels in the near term.

Trade suggestion:

Sell stop at 248, take profit at 223, stop loss at 265

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