Litecoin Price Analysis: LTC/USD big selling wave held off for now, as bears fail to capitalize on head and shoulders pattern

• Litecoin price nursing big losses in the session on Monday, as the bears resume hard selling, down some 4%.
• LTC/USD formed a large bearish structure via the 4-hour chart view; head and shoulders pattern, however bears failed to break down the neckline.

The Litecoin price late on Monday was trading firmly in negative territory, nursing steep losses of some 4%. LTC/USD failed to push back above the big psychological $50 price territory, it has not comfortably traded above this mark since 24th February.

LTC/USD price action has formed a head and shoulders pattern formation; however the bears  failed to capitalize  on this bearish formation. The neckline held its ground and prevented a free-fall south of this pattern being fulfilled.

Immediate support is still eyed at the above-mentioned neckline, this tracks around $45.50. Should this fail to hold a fast fall back towards $40 could be seen, where the next demand area is eyed. The zone of buyers is observed from $44 down to $40, which has provided comfort through February. To the upside, resistance remains firm heading into the big $50 figure.  

LTC/USD 4-hour chart