The Litecoin chart (LTCUSD) as shown in this analysis is a Daily time frame that captures price from January 6, 2018 to present date operating inside of a falling diagonal (wedge) chart pattern i.e. #1 indicated on the chart.
The latest test and confirmation of the falling wedge occurred on August 14, 2018 at ~$49.14.
Any bullish trade inside of the wedge is considered an early entry and more aggressive, compared to long (buy) entry orders placed on a break outside of the wedge. The horizontal line at $97.20 is shown here as a conservative point of entry as it ensure a price close outside the wedge that also indicates a potential bullish move for LTCUSD.
~$55.29 and $31.35 (#2 marked on the chart) is expected to provide support for Litecoin and a break below the bottom of support could see Litecoin reach between $20 and $10.
The Average directional index (ADX) as shown here (i.e. #3) indicates that the strength of the bearish trend is not letting up.
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