Litecoin continues to slide after turning down from the downtrend line of the descending triangle. It might retest the critical support zone at $47.246–$49.466 once again. This zone has held on four previous occasions; hence, we anticipate this support to hold once again. Nevertheless, traders left with partial long positions on our recommendations can close them at $50.
If the bulls succeed in holding the critical support zone and show signs of a rebound, we might suggest to go long again. Our bullish view will be invalidated if the bears sink the LTC/USD pair below $47.246. In such a case, the downtrend will resume and can push prices to the next support levels at $40 and $32.