After making a reasonable recovery to well above $23, Litecoin reversed course on Thursday and returned dangerously close to its $22.50 low of yesterday. This is the lower end of its key support band of $23, tested and held over the last 2 weeks, and with the exception of a flash crash early on, maintained thus far in 2014.
In a bearish signal, LTC is plumbing new lows vs BTC, even as BTC itself is trading lower today vs USD. It just hit a new low of 27.3 mBTC before climbing back to 27.5 mBTC. These are the lowest levels experienced thus far in 2014 vs BTC.
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Sentiment as to LTC’s next move is mixed among traders. Some are recognizing the bearish pattern as a sign of further retreat, while others are attributing the drop to transient stimuli. Others still are calling for a new trading range below $23 but above $22.
With the BTC barrier already broken, its interaction with the remaining USD barrier will be a powerful indicator of things to come.
(Chart Source: Bitcoinwisdom)