Litecoin has staged a major technical correction below the $200.00 level, following a widespread sell-off on the cryptocurrency market yesterday. A bearish head and shoulders pattern looks to be forming across the daily time frame, with the neckline of the pattern located around the $185.00 level. According to the overall size of the pattern, the LTCUSD pair could fall towards the $135.00 level.
The LTCUSD pair is only bullish while trading above the $220.00 level, key resistance is found at the $230.00 and the $245.00 levels.
If the LTCUSD pair trades below the $220.00, sellers may test the $185.00 and $135.00 support levels.