Litecoin changed little in the short term also because BTC/USD continues to move sideways. Only a strong move in Bitcoin and a clear direction could force the altcoin to escape from this extended range.
It was trading at 53.21 at the time of writing. Personally, I believe that the rate could continue to move sideways. LTC/USD is up by 1.05% in the last 7 days but it's in the red in the last 24 hours.
LTC/USD Undecided!
LTC/USD is trapped between 50.01 and 55.55 levels. 52.30 stands as a support level. Personally, I will look for new trading opportunities only after the rate escapes from this pattern.
The descending pitchfork's median line represents dynamic support. Technically, the price action signaled exhausted sellers but an upside movement is far from being confirmed.
LTC/USD Outlook!
A valid breakout above 55.55 could bring long opportunities with a potential target at the descending pitchfork's upper median line (uml).
A new lower low, making a valid breakdown below 50.01 activates more declines.
