FX.co ★ Bearish Litecoin target of $32

Blue line- RSI bullish divergence

Red lines- wedge pattern

green line- horizontal resistance

Litecoin price action remains bearish. Price is still trapped inside the downward sloping wedge pattern. Price recently got rejected at the horizontal at $60 and yesterday we got another rejection at the upper wedge boundary at $54.65. Trend remains bearish. After the rejection at the horizontal green resistance trend line, Litecoin has formed another lower high and is very close to forming a lower lows. This could accelerate the move lower. The lower wedge boundary is currently around $32 and this is where we expect price to fall. As long as price is inside the wedge, bears will remain in control of the trend.