Crypto Technicals: LTC/USD breaks major trendline support at 41.85, next bear target 36.29 (88.6% Fib)

LTC/USD chart - Trading View

Exchange - Coinbase

Support: 36.29 (88.6% Fib); Resistance: 42.11 (5-DMA)

Technical Analysis: Bias Bearish

LTC/USD has broken major trendline support at 41.85 opening up further downside for the pair.

Price action was rangebound on the day, consolidating previous session's losses, bias remains bearish.

The pair was trading 0.73% lower on the day at 39.61 at 08:10 GMT, after closing 8.09% lower in the previous session.

Recovery attempts in the pair capped at 200H MA, the pair has resumed weakness since.

Technical indicators are biased lower. Major and minor trend in the pair are bearish. MACD is well in the negative territory and ADX supports weakness.

The pair is on track to close in the red for the 3rd straight week. Next bears target lies at 36.29 (88.6% Fib).

5-DMA is immediate resistance at 42.11. Break above 20-DMA required for near-term upside.

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