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Litecoin continues to move sideways after failing to activate an upside reversal. Bitcoin's drop forced the LTC/USD to slip lower as well. In the short term, it could stay within the current range pattern. We'll have a great trading opportunity after the rate escapes from this pattern.
At the time of writing, the pair was traded at 151.80, far below 166.82 Friday's high. It has dropped by 12.13% from Friday's high to 146.58 today's low.
Litecoin escaped from a major down channel pattern, but it has failed to make a valid breakout above 166.90 and to confirm a bullish reversal. The psychological levels of 141.65 and 140.00 are seen as downside targets and obstacles.
As long as it stays above the immediate support levels, Litecoin could still give birth to a new leg higher. The current drop could represent only a continuation pattern. LTC/USD could only test and retest the downside obstacles before starting to grow again.
A bullish pattern around the 141.65 - 140.00 area or a false breakdown with great separation below this area may announce a new bullish momentum. Still, only a valid breakout above the 166.90 resistance could activate an upside reversal.
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