Litecoin may be preparing to drop below the $50.00 level as Bitcoin and a host of coins are poised for a bear technical correction. Technical analysis shows that a break under the $50.00 level could see the LTCUSD pair dropping towards the $47.00 support area. Medium-term term LTCUSD bulls may look to buy any declines under the $50.00 level in anticipation of a coming rally.
The LTCUSD pair is only bullish while trading above the $55.00 level, key resistance is found at the $60.00 and the $65.00 levels.
If the LTCUSD pair trades below the $55.00, sellers may test the $50.00 and $47.00 support levels.