LTCUSD BEARISH PATTERN ONLY VALID BELOW $58.00

Litecoin, the seventh largest cryptocurrency by market capitalisation remains in a strong downtrend despite the recent recovery in price towards the $58.00 level. A bearish head and shoulder pattern is clearly visible across the lower time frames, and further weakness should be expected while price trades the current weekly high.

The LTCUSD pair is bearish while trading below the $58.00 level, further losses towards the $50.00 and $47.50 levels remains possible.

If the LTCUSD pair moves above the $58.00 level, a further upside towards the $60.00 and $63.50 resistance levels seems possible.