Litecoin appears on the cusp of a new short-term trend, following the recent drop below the $60.00 area, and subsequent recovery. Technical analysis shows that a bearish head and shoulders pattern remains valid while the LTCUSD pair trades below the $69.00 level. The LTCUSD pair still has the potential to drop towards the $50.00 level before the bullish medium-term trend resumes.
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.
