Litecoin is one of my largest crypto holdings. Obviously I am rooting for it to go higher (along with all crypto for that matter). The chart doesn’t look so hot though and has me a little concerned.
Price Action Weak
Looking at the chart you can see after we got that head and shoulders top price has resolved lower even further.
Now it sits around a former support level, but all I see is that clear down trend it had been in since the top of the head and shoulders pattern.
Until that decline is broken it is unreasonable for me to expect higher prices.
The good news is that all it takes is one big body green candle. However, that has been difficult to attain as evidenced by the current stated of today’s candle, which has a few more hours until it closes as of the time of this post.
We shall see what happens, but unless we can get a bid on price then LTC could easily see $65.
What is crazy is even a push to $80 would negate alot of this weak price action. Fingers crossed!