After showing promise a few days back, Litecoin has become negative. We expected it to fall towards the 50-day SMA and that is what happened.
The LTC/USD pair has formed a descending triangle pattern, which will complete on a breakdown and close (UTC) below $185. This gives a pattern target of $115 on the downside, though, we can expect some support at $160 and $140.
Our bearish view will be invalidated if the cryptocurrency breaks out of $215.