FX.co ★ Litecoin: bearish continuation pattern

Litecoin is trading at 107.93 at the time of writing. In the short term, it could move somehow sideways before deciding direction. Actually, the bias remains bearish, it could extend its drop anytime. LTC/USD dropped by 7.90% in yesterday's trading session. Now, it tries to rebound and recover.

In the last 24 hours, Litecoin is down by 4.32% and by 2.39% in the last 7 days. Bitcoin's deeper drop could force the altcoins to drop as well.

LTC/USD Temporary Rebound!

LTC/USD found support at 101.76 and now it has tried to rebound. It has developed an up-channel pattern that could represent a bearish continuation pattern. Still, we'll have to wait for strong confirmation before taking action.

After its strong drop, a temporary rebound was natural and expected. Stabilizing below the weekly pivot point (108.57) and under the uptrend line, LTC/USD could develop a new sell-off.

LTC/USD Outlook!

A new lower low, making a valid breakdown below 105.452 could open the door for more declines. This scenario could bring new short opportunities.