Litecoin bullish trend under threat: Reaction to double-top pattern imminent

Litecoin joined the rest of the market yesterday to record slight gains above the short-term support at $31.50. The entire market correction to the upside, however, most assets are still trading closer to their key support levels. Litecoin, for instance, brushed shoulders with $32.50 but reversed the trend towards the above-mentioned support.

The declines formed a double-top pattern as seen on the 15-minutes time frame chart. The reaction to this pattern is putting pressure on the weak support at $32.00 and the 50-day Simple Moving Average (SMA). If the drop progresses below the weak support, LTC/USD will be in danger of sliding below the next support target.


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