Litecoin bulls are presently struggling to support prices supra the enactment enactment of a bearish illustration pattern
Litecoin terms plunged 31% during past week, bulls facing a brutal world arsenic the broader marketplace descended into the red. The follow-up bounce saw buyers travel adjacent to retesting the $190 zone. However, arsenic bulls look exhausted, momentum is looking to displacement towards the bears.
If this outlook holds, Litecoin's terms mightiness revisit past week's lows. At the clip of writing, the LTC/USD brace was changing hands astir $172, astir 3.3% down successful the past 24 hours. Overall, Litecoin's terms is 25% down implicit the past week.
Litecoin terms outlook
LTC is trading beneath a robust absorption portion connected the 4-hour chart, with the coin's method outlook indicating a imaginable downturn arsenic bears question further ground.
The wide weakness successful the Bitcoin marketplace could catalyse LTC price's vulnerability to caller losses, with the position apt to fortify if sellers propulsion prices beneath $170.
LTC/USD 4-hour chart. Source: TradingView
As tin beryllium seen connected the chart, LTC/USD is beneath the 50 elemental moving average, whose curve is dipping to suggest a bearish bias. Prices are besides capped wrong a descending triangle signifier to adhd to the bearish outlook.
The RSI and MACD connected the 4-hour clip framework are besides pointing to a imaginable breakdown, with the erstwhile sloping beneath the equilibrium constituent and the second highlighting a imaginable bearish crossover arsenic it weakens beneath the zero line.
If sellers negociate to breach the request portion astir $160, LTC/USD could diminution to lows of $147 successful the adjacent fewer days.
On the upside, the 4-hour illustration shows that bulls look a robust proviso portion highlighted by respective absorption areas. The archetypal obstruction is apt astatine $178, an country marked by the 23.6% Fibonacci retracement level of the downswing from $232 to $161.
The downtrend line, the 38.2% Fib level ($188), and the 50 SMA ($192) are the adjacent hurdles bulls are apt to brushwood if there's a swift bounce. If bulls negociate to spell higher, a breakout to the 50% Fib level ($196) could unfastened up a way to the captious $200 zone.