Litecoin turned down from the downtrend line. It has broken below both moving averages and is likely to retest the support zone between $49.466–$47.246. Traders, who are left with partial positions can maintain their stops at $50.
The LTC/USD pair remains bearish as long as it trades inside the descending triangle pattern. The downtrend will resume if the bears break below $47.246.
The pattern will be invalidated if the bulls breakout of the downtrend line of the triangle. Such a move can push prices to the top of the range at $69.279. We expect a trend change if the virtual currency breaks out and closes (UTC time frame) above $69.279.