FX.co ★ Litecoin under strong downside pressure

Litecoin is trading in the red at 64.41 at the time of writing. Bitcoin's current drop forced the altcoin to drop as well. In the short term, it continues to move sideways. In my opinion, only a strong move on the BTC/USD could bring us sharp movements on the LTC/USD.

LTC/USD dropped by 3.82% from yesterday's high of 66.74 to 64.19 today's low. In the last 24 hours, the altcoin is down by 1.11% and by 12.01% in the last 7 days.

LTC/USD Range!

LTC/USD continues to be undecided, that's why we have to wait for fresh opportunities. It's trapped between 61.00 psychological level and 67.05.

The Litecoin failed to reach the 67.05 resistance in the last attempt and now it could reach and retest the lower median line (LML) again.

LTC/USD Forecast!

Staying above the lower median line (LML) and jumping above 67.05 activates a new leg higher and is seen as a buying signal.