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LTC / USD managed to increase a bit in the previous days and is now going to achieve a very strong dynamic resistance. It remains to be seen what will happen because this could only be a temporary rebound. The outlook remains bearish even if the rate has shown signs of oversold.
It is very important to see what will really happen on Bitcoin in the next period. Bitcoin managed to rebound in the short term and also forced the cryptography market to increase.
The rate has escaped from the first warning line (WL1) of the large descending pitchfork and is now almost reaching the Fibonacci line at 250% of the descending pitchfork. Technically, this small upward movement is somewhat natural after the failure to test and test the WL1 of the downward pitch again. A valid breakout will signal a potential increase, but you should be very careful because the rate may fall at any time, even if it would be over the 250% line.
A false breakout, a refusal or a failure to reach 250% should re-send the rate. We have an important downward target on the first warning line (WL1) of the major rising fork. It is premature to talk about an important upward movement at the moment. We could talk about an important upward movement when we have an inversion signal on the Bitcoin and if the rate will drop a bit and it will not reach the previous minimum of 22,540.
Perhaps we will need a major consolidation in the next period and the behavior must change to consider returning to Litecoin for a long time. At this moment you should stay away and wait for a new commercial signal.
