FX.co ★ Litecoin: head & shoulders in play

LTC/USD is trading in the red at 94.11 at the time of writing. The price action signaled exhausted buyers, so a downside movement is in cards. Bitcoin's drop forced the altcoin to drop as well.

In the last 24 hours, LTC/USD is down by 3.60% and by 0.36% in the last 7 days. BTC/USD's deeper drop should force Litecoin to drop as well. LTC/USD dropped by 4.47% from yesterday's high of 98.34 to 93.94 today's low.

LTC/USD Upside Seems Over!

Technically, the price dropped below the uptrend line signaling that the leg higher ended. It has retested the broken uptrend line and now it moves somehow sideways developing a potential Head & Shoulders pattern.

Still, the pattern is far from being confirmed but its failure to come back above the 100.00 psychological level or to make a new higher high signaled exhausted buyers.

LTC/USD Forecast!

A new lower low, a valid breakdown below 88.44 activates the reversal pattern and brings new short opportunities.