Litecoin, the seventh largest cryptocurrency by market capitalisation continues to trade lower as the large $20.00 head and shoulders pattern continues to unfold.
The LTCUSD pair is likely to continue to weaken further on an intraday basis while price trades below the $63.00 resistance level.
The overall downside target for the bearish head and shoulders pattern is still relatively far-away and is situated around the $48.80 level.
The LTCUSD pair is strongly bearish while trading below the $63.00 level, key technical support below is now located at the $57.50 and $53.60 levels.
If the LTCUSD pair trades above the $63.00 level, buyers may test towards the $65.80 and $68.20 resistance levels.