Litecoin has come under heavy downside pressure below the $50.00 after the broader cryptocurrency market suffered a major sell-off on Wednesday. According to the downside projection of multiple bearish head and shoulders pattern on the daily time frame, the LTCUSD pair could fall towards the $36.00 level. Only a sustained move above the $60.00 level can change the LTCUSD pairs negative outlook.
If the LTCUSD pair trades below the $50.00 level, key support is found at the $44.00 and $36.00 levels.
If the LTCUSD pair trades above the $50.00 level, key resistance is found at the $60.00 and $66.00 levels.
