Litecoin is still under fairly severe downside pressure on Wednesday as the broader cryptocurrency market fails to attract a sustained bid. The bearish head and shoulders pattern on the four-hour time frame still suggests that the LTCUSD pair could fall to the $55.00 level. Overall, a break under the $70.00 level still remains the trigger for more short-term Litecoin selling.
The LTCUSD pair is only bullish while trading above the $100.00 level, key resistance is found at the $110.00 and $120.00 levels. If the LTCUSD pair trades below the $70.00 level, key support is found at the $65.00 and $55.00 levels.