Litecoin has started to weaken towards the $40.00 support level as the cryptocurrency market turns bearish due to the recent price slump in Bitcoin. A breakout below the $37.50 level exposes further downside in the LTCUSD pair towards the $32.50 level. A bearish head and shoulders pattern has also been activated and is warning of a stronger price decline in the LTCUSD pair.
The LTCUSD pair is only bullish while trading above the $42.00 level, key resistance is found at the $50.00 and the $57.00 levels.
If the LTCUSD pair trades below the $42.00, sellers may test the $37.50 and $32.00 support levels.
