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Litecoin moves sideways in the short term after reaching a support zone. It could extend its range as the price of Bitcoin seems undecided as well. LTC/USD is trading at 107.48 at the time of writing. The price action developed a major reversal pattern, a Falling Wedge formation.
Still, the reversal structure is far from being confirmed. Personally, I'll wait for strong confirmation before considering going long. As you already know, the crypto market is in a huge corrective phase. So, as long as we don't have a strong bullish pattern, the downside bias remains intact.
The 94.05 - 111.04 area represents a demand zone, is seen as a support area. Also, the Faling Wedge's downside line represents a dynamic obstacle. An extended sideways movement followed by a valid breakout above the downtrend line may announce a potential upside reversal.
In the short term, we cannot exclude a potential drop towards the 94.05 or down to the down sloping line. It could test and retest the support levels before trying to take out the resistance represented by the downtrend line.
Staying above 90.04 and making a valid breakout through the downtrend line could bring new buying opportunities as the crypto could confirm a bullish reversal.
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