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Litecoin Trading Sharply Lower as BTC Drags Down Crypto Market

Litecoin is trading sharply lower in its pairing with the US Dollar on the back of bearish Bitcoin sentiment as well as a broadly stronger US Dollar which has been boosted this morning by positive comments from China’s Commerce Ministry regarding the US-China trade war.

LTCUSD had been locked in a descending triangle pattern for several weeks now, and has eventually broken through the $71.91 critical support (lows of May and August 2018). This downside move has occurred as a result of the drag-down effect that BTC has had on its analogues (including LTC). LTCUSD is now testing the next critical support at $64.81 (May 2018 lows). This price level is the lowest that Litecoin has hit in the last 21 weeks.

Technical Plays for LTCUSD

The bias for the LTCUSD pairing is strongly bearish, with the pair seen to be extending its weakness below the lower border of the descending triangle. The major trend on LTCUSD is seen to be bearish, with rising bearish momentum and volatility.

Failure to close below the present support price of $64.81 could see price bounce towards broken support-turned resistance at $71.91 or 78.21 above it. However, a break below the 64.81 price support with a 3% penetration could see Litecoin experience a price collapse to 58.26 or even 51.45 below it.