FX.co ★ Litecoin: bearish bias intact

Litecoin was trading at 46.10 at the time of writing. It has changed little in the short term as BTC/USD is moving sideways. The bias remains bearish, so LTC/USD could drop deeper anytime. As you already know, Bitcoin maintains a bearish bias, thus a deeper drop should force the altcoins to drop as well.

In the last 24 hours, LTC/USD is up by 0.19% but it's down by 20.40% in the last 7 days. In the short term, it's trapped between static obstacles, so we'll have to wait for a valid breakout before taking action.

LTC/USD In the Sellers' Territory!

LTC/USD is bearish as long as it stays under the channel's downside line. A new lower low could activate more declines. In the short term, the rate could continue to move in this narrow range. It could challenge the downside line.

Despite temporary rebounds, LTC/USD could drop towards new lows. The rebounds could bring new short opportunities.

LTC/USD Forecast!

Dropping and closing below 40.56 could activate more declines. This scenario could bring new selling opportunities. Jumping and stabilizing above the downside line and above the 52.00 static resistance could activate a larger rebound.