The LTC/USD 4-hour chart looks set for some more pain after rejecting the trendline it recently broke to the downside. Price action in the pair looks bearish after the drop seen lately between 106.86 to 81.99 from August 5th – 10th.
The retracement backstopped exactly on the internal trendline which converges with the 38.2 Fibonacci level. Also, the Stochastic indicator rejected overbought levels as the fast and slow lines crossed over to the downside.
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On the daily chart, although we have had a sell-off today things look slightly rosier. The key support level on the daily remains at 76.46 and this current move seems to be still part of the current consolidation phase. If 81.99 breaks to the downside maybe 76.46 is the target but for now we are in a sideways market.
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