The price of Litecoin slipped lower in the short term and now, it is trading at 66.75 above today's low of 65.53. You knew from my previous analyses that the LTC/USD could end its rebound soon.
The altcoin dropped but a larger downside movement still needs strong confirmation. After its drop, we cannot exclude a temporary rebound as the price could try to test and retest the near-term upside obstacles.
In the last 24 hours, LTC/USD is down by 1.09% but it's still up by 0.83% in the last 7 days.
LTC/USD Under Pressure!
LTC/USD escaped from the flag pattern and it dropped below the weekly pivot point of 66.62. Still, it failed to reach the 65.31 former low. This stands as a static downside obstacle.
Technically, as long as it stays below the upper median line (uml), it could extend its downside movement.
LTC/USD Prediction!
A new lower low, making a valid breakdown below 65.31 activates more declines. This is seen as a short opportunity!
