Litecoin plunged in the short term again as BTC/USD extended its sell-off. LTC/USD slipped below critical downside obstacles, so a downside continuation is in cards. Unfortunately, the price action failed to confirm a larger rebound signaling strong sellers.
LTC/USD dropped by 15.83% from Monday's high of 55.02 to 46.31 today's low. BTC/USD's deeper drop should force the altcoin to approach and reach new lows.
LTC/USD Bearish Bias!
LTC/USD rebounded but it has failed to approach and reach the downtrend line signaling strong sellers and a potential downside continuation. Now, it has dropped below the ascending pitchfork's lower median line (lml) and under the 47.89 which represented downside obstacles.
The 46.31 level is seen as static support, while the 49.47 represents static resistance. In the short term, we cannot exclude a sideways movement between these levels.
LTC/USD Outlook!
Staying below the lower median line (lml) and making a new lower low, a bearish closure below 46.31 could activate a downside continuation and could bring new selling opportunities with a potential downside target at 41.64.
