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FX.co ★ Litecoin: deeper drop still possible

Litecoin: deeper drop still possible

LTC/USD changed little in the short term. The bias remains bearish, so we cannot exclude more declines despite temporary rebounds. The altcoin could come back to test and retest the near-term resistance levels before going down.

Technically, BTC/USD maintains a bearish bias, a deeper drop could force the altcoins to slip lower as well. In the last 24 hours, LTC/USD is up by 0.89% but in the last 7 days, it's down by 11.59%.

LTC/USD Retests The Sellers!

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Litecoin: deeper drop still possible

Technically, after dropping below the uptrend line, it has signaled a downside movement. Still, 52.30 represented a static downside obstacle. Now, it has dropped below this level but the rate tried to rebound.

The descending pitchfork's median line (ml) represents a dynamic resistance. As long as it stays under this line, the bias remains bearish.

LTC/USD Forecast!

Staying below the median line (ml) and making a new lower low, a bearish closure below 50.01 activates more declines. This is seen as a short opportunity as well.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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