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.
ACY Securities’ Sponsorship of Australian Turf Club off to a Flying StartGo to article >>
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)