LTCUSD HEAD AND SHOULDER IN FOCUS

The LTCUSD pair is facing further heavy downside losses as the seventh largest cryptocurrency by market capitalization trades close to the neckline of a bearish head and shoulders pattern. The bearish price divergence on the MACD indicator has now corrected, causing the LTC/USD pair to lose over fifteen percent of its market value last week. Sellers will attempt to break the $52.00 level, while buyers will look to negate the bearish pattern and move price above the $57.00 level.

The LTCUSD pair is intraday bearish while trading below the $56.50 level, key support is found at the $52.00 and $50.00 levels.

If the LTCUSD pair moves above the $57.00 level, buyers may test towards the $59.00 and $62.20 resistance levels.