LTC/USD forming falling wedge pattern hints reversal

• Litecoin is likely to continue with the downtrend as it seeks a bottom and fresh demand for a rally towards $100.
• Short-term analysis shows that the bulls have control but no significant movement expected in the near-term.

LTC/USD daily chart

Litecoin upward movement keeps bouncing off the descending trendline resistance.

A falling wedge pattern breakout is in the offing but not until a lower consolidation limit is achieved in the $60 range.

LTC/USD 240’ chart

Litecoin consolidates losses in a bearish flag pattern. A continuation to the downtrend is expected to test $55 and $52 support areas to create demand for a significant reversal.

The relative strength index is still lock in the oversold region despite a shallow recovery from the weekly lows at $53.

LTC/USD 60’ chart

Litecoin bulls are pushing for a breakthrough above the short-term trendline resistance.

The recovering trend with the relative strength index suggests a growing bullish momentum.