LTCUSD SHORT TERM BEAR FLAG IN PLAY

Litecoin is starting to trade below key technical support in early-week trading after the seventh largest cryptocurrency by market capitalization was strongly rejected from the $64.50 level last week. Overall, further moves to the downside are still expected while the LTCUSD pair trades inside the well-defined bear flag pattern. Sellers will look for a clear break of the $56.00 level, while buyers need to move price above the former weekly high.

The LTCUSD pair is bearish while trading below the $61.00 level, key support is found at the $56.00 and $53.00 levels seems possible.

If the LTCUSD pair moves above the $61.00 level, key resistance is then found at the $63.00 and $64.50 levels.