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Litecoin plunged in the short term as the price of Bitcoin dropped as well. After its swing higher, a minor retreat was somehow expected. LTC/USD came back to test and retest the immediate support levels.
From the technical point of view, tried to rebound and recover after its massive drop. Don't forget that the rebound could be only a temporary one as the bearish bias remains intact. LTC/USD dropped by 13.73% from 60.44 Sunday's high to 52.14 today's low.
Technically, the rate failed to stabilize above 56.24 signaling exhausted buyers. Now, it is almost to reach the 51.15 - 52.00 support area. As long as it stays above it, Litecoin could develop a new bullish momentum.
Its failure to approach and reach the downtrend line and the median line (ml) signaled strong sellers and a strong downside pressure.
False breakdowns below 52.00 - 51.15 could signal a new upside momentum towards the downtrend line. Bitcoin's further drop should force the LTC/USD to drop deeper.
A valid breakdown below the 51.15, through the weekly S1 could confirm more declines towards the lower median line (lml).
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