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Blue line- RSI bullish divergence
Red lines- wedge pattern
green line- horizontal resistance
Litecoin price action remains bearish. Price is still trapped inside the downward sloping wedge pattern. Price recently got rejected at the horizontal at $60 and yesterday we got another rejection at the upper wedge boundary at $54.65. Trend remains bearish. After the rejection at the horizontal green resistance trend line, Litecoin has formed another lower high and is very close to forming a lower lows. This could accelerate the move lower. The lower wedge boundary is currently around $32 and this is where we expect price to fall. As long as price is inside the wedge, bears will remain in control of the trend.
Trading analysis offered by RobotFX and Flex EA.
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