Litecoin Remains Bounded in the Mid $50's

Litecoin has gained traction, tending toward our upper target of $55.84. The price seems to be equilibrating just below this level, with a possible bull pennant pattern forming. It is not likely that we will see much momentum come through as risk-on markets remained inhibited by higher weekly unemployment and a hawkish Fed. But if so, $55.84 is likely to provide resistance and remains a barrier to higher levels in the $50's. If we retrace, then we should see support again at $51.92 with an absolute floor price of $50.64.