Litecoin has retraced all the way back to the levels last seen in mid-November of last year. This is a negative sign.
An attempt to pull back on August 9 fizzled out at $65 and currently the bears are trying to extend the decline to the next target of $57.
Between late September to early November of last year, the LTC/USD pair repeatedly found support close to the $48 — $52 zone. Therefore, we expect this zone to act as a strong support during the current fall.
Any pullback will face a stiff resistance at the 20-day EMA and at $74.074. We shall wait for the trend to change before suggesting any long positions on it.