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Litecoin crashed as well after Bitcoin's sell-off but now it could try to rebound and recover. The altcoin is trading at 65.30 at the time of writing versus yesterday's low of 62.01. Still, a potential rebound is far from being confirmed.
In the last 24 hours Litecoin is down by 1.49% and by 17.22% in the last 7 days. Only BTC/USD's rebound could help the altcoin to rebound as well.
Technically, LTC/USD found demand above the 61.0 historical level. It has registered only a false breakdown with great separation below this psychological obstacle and through the lower median line (lml) of the descending pitchfork and now is fighting hard to rebound.
Personally, I've drawn an ascending pitchfork hoping that I'll catch a new leg higher. The lower median line (LML) represents dynamic support.
Staying above the LML and jumping above 67.05 activates a larger rebound. This scenario could bring new longs.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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