FX.co ★ Litecoin confirms its breakdown

Litecoin has been moving sideways in the short term. It was trading at 53.67 at the time of writing. The price action signaled exhausted buyers and a new potential downside movement. Still, we need strong confirmation before taking action.

LTC/USD stands above critical support levels. Taking out the support levels could bring new short opportunities. Litecoin increased by 6.33% from yesterday's low of 51.85 to 55.13 today's high. Still, the altcoin lost significant ground in the last hours.

BTC/USD 52.30 As Critical Support!

As you can see on the H4 chart, LTC/USD retested the broken uptrend line and now it challenges the median line of the descending pitchfork.

The 52.30 former low represents a strong downside obstacle. You can see that the rate registered only false breakdowns in the last attempts. Staying above 52.30 and making a new higher high could invalidate a larger drop.

LTC/USD Forecast!

Retesting the broken uptrend line followed by a new lower low, a valid breakdown below 52.30 could activate more declines and could bring potential short opportunities.