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The price of Litecoin crashed in the short term after Bitcoin's massive drop. LTC/USD is trading at 70.55 at the time of writing above today's low of 68.08. The altcoin dropped by 19.83% from yesterday's high of 84.92 to 68.08 daily low.
In the last 24 hours, LTC/USD is down by 16.33% and by 20.59% in the last 7 days. The bias is bearish, so more declines are favored despite minor rebounds.
LTC/USD activated the major Head & Shoulders pattern after taking out the 88.44 level. You knew from my previous analysis that the altcoin developed the reversal pattern and that it could crash.
Now, it has taken out the channel's downside line and the 50% (83.37) retracement level activating a larger drop. It has ignored the 61.8% and the S3 (72.19) confirming massive selling pressure.
Yesterday's aggressive breakdown below the channel's downside line was seen as a selling opportunity. Temporary rebounds could bring new selling opportunities. Now, it has retested the weekly S3 (72.19). It has registered only a false breakout through this obstacle, so a new lower low is seen as a bearish signal.
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