Blue lines- bullish channel
Litecoin was trading for around 3 months inside an upward sloping channel with price forming a trading range between $50 and $65. Despite being inside an upward sloping channel, price did not make any important progress to the upside, as the slope of the channel was not steep. Today Litecoin is breaking below August lows and out of the bullish channel. Price is making lower lows and lower highs in the short-term and with the RSI far from oversold levels, we expect this downward move to continue and will most probably push Litecoin price to new 2022 lows. As long as price is below $65 we remain bearish.
