FX.co ★ Litecoin vulnerable to drop deeper

Litecoin increased a little in the short term as BTC/USD is struggling to rebound. In the short term, LTC/USD is trading sideways. So, personally, I'll wait for the price to escape from this pattern before taking action.

LTC/USD dropped by 13.07% from yesterday's high of 74.29 to 64.58 today's low. In the short term, it could extend its range before deciding on a clear direction after its current indecision.

LTC/USD Range Pattern!

LTC/USD is trapped between the 73.16 and 64.06 levels. The altcoin found resistance at the channel's downside line. The bias remains bearish as long as it stays under this dynamic resistance.

The weekly R1 of 72.82 stands as a static resistance. Only a valid breakout from this range could bring us new trading opportunities.

LTC/USD Forecast!

A valid breakdown below 64.06 could activate more declines and could bring new selling opportunities.

Jumping and stabilizing above the 73.16 key level may signal a larger growth in the short term.