Litecoin has started to pullback alongside the broader crypto market after finding strong technical resistance around the $47.50 level. A bullish reversal pattern on the lower time frame has formed and is warning of a potential rally towards the $53.00 area. Traders should note price needs to move above the $47.50 resistance level to activate the inverted head and shoulders pattern.
The LTCUSD pair is only bullish while trading above the $42.00 level, key resistance is found at the $47.50 and the $50.00 levels.
If the LTCUSD pair trades below the $42.00, sellers may test the $37.50 and $32.00 support levels.
