- Litecoin broke down on the long term charts.
- Some bounce imminent, may not sustain.
Litecoin broke down of a key long term support and has remained below that support throughout this week in a sign that this fall is not yet done and some more pain is still left after some bounce in the near term.
LTC/USD is up a meagre 0.3 percent at $96.96 and has been trading in a narrow band of less than 2 percent so far. On the daily chart, LTC broke down of a key support that has been holding on for a long time and has been trading well below that support line through this week.
In the immediate term, some more bounce towards $100 and $105 can be expected, which isn’t likely to sustain and bears would pounce on any opportunity to short this crypto.
LTC/USD daily chart: