Litecoin drops at the time of writing as the BTC/USD slipped lower. As you already know, when the price of Bitcoin drops, the altcoin could drop as well. Technically, the LTC/USD is trapped within a range pattern. Escaping from this pattern may bring new trading opportunities.
Litecoin dropped by 9.49% from yesterday's high of 73.90 to 66.89 today's low. In the short term, the altcoin could extend its sideways movement if BTC/USD continues to move in range.
LTC/USD Range Pattern!
As you can see on the h4 chart, the altcoin is trapped between 64.06 and 73.16 levels. It has failed to stay above the down channel's downside line signaling strong downside pressure. Staying below this dynamic resistance and making a new lower low may activate more declines.
The current range could represent a distribution pattern. Dropping and closing below 64.06 could open the door for a potential drop towards 52.00 lower low, psychological level. Only staying above 64.06 and making a new higher high could signal that the downside movement ended and that the LTC/USD could develop a larger rebound.
LTC/USD Outlook!
A valid breakdown below 64.06 could confirm more declines and could bring new selling opportunities.
