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LTC Decreases, Remains Above Resistance Zone

The price of Litecoin has decreased from yesterday and has shown signs of recovery attempt today but the increase has been stopped out at the minor resistance level from the descending triangle in which it is decreasing.

A lower low would be expected before the completion of the descending pattern before a minor breakout but if we are seeing the start of a higher degree downtrend the price would continue moving to the downside after.

The price is still above the first significant zone from $109-122.If the price goes below the zone it would confirm the bearish momentum.As the price is currently in a descending triangle it could be a minor correction before another run-up but considering that the wave-structure implies the completion of the upside move I don’t believe its likely.

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