LTC/USD - Correcting to $61 - $56

LTC dropped over 30% after a very nice bull run. With BTC reaching near ATH levels, the whole market corrected, including LTC which broke the parabola in pink and the Fib 23.6% level. This all meant that we were headed much lower.

Now we are getting closer to support areas found between $61 and $56. We are still in a very sharp downtrend which will likely break soon (the dashed line). There is also a bullish divergence forming on RSI which indicates we will take a break from this fall. However, that may be a short relief before we go lower to test the high $50's as support.

Bias is bearish until we find support, thus be careful if you long any relief / bounces.

In any event, watch BTC as that will be a leading indicator for LTC.