Litecoin price analysis: $66.00 key weekly pivot

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Litecoin reversed its monthly gains over the weekend as the sixth-largest cryptocurrency came under downside pressure alongside the broader cryptocurrency market.

Litecoin price analysis shows that if the cryptocurrency needs to gain traction above the $66.00 level to encourage the notion that a technical bottom is in place.

Litecoin medium-term price trend

Litecoin came under pressure over the weekend as many top altcoins suffered heavy double-digit declines.

The decline happened despite bullish regulatory news from India and South Korea, and Bitcoin’s hash rate hitting a new all-time high.

Litecoin technical analysis shows that the cryptocurrency could stage a rebound towards the $75.00 level if bulls can send the pair back above the pivotal $66.00 level.

The daily time frame is showing that the $66.00 level is technically important for numerous reasons.

The neckline of a head and shoulders pattern is found at the $66.00 level alongside the LTC/USD pair’s 50-day moving average.

Key resistance above the $66.00 level is found at the $70.00, $72.50 and $77.00 levels, while key support is found at the $50.00 and $45.00 levels.

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Litecoin short-term price trend

Litecoin technical analysis shows that the cryptocurrency has a short-term bearish bias while trading below the $71.00 level.

The lower time frames show that a large inverted head and shoulders pattern will form if prices start to trade towards the $65.80 area.

Litecoin price analysis

Looking at the upside potential of the bullish pattern, the LTC/USD pair could rally towards the $75.00 level.

It appears that short-term analysis is aligning with the medium-term and highlighting the $65.80 to $66.00 area as critical this week.

It is worth noting that a head and shoulders pattern is still valid on the lower time frames, with the $50.00 level the overall bearish target.

Litecoin technical summary 

Litecoin technical analysis is showing that the cryptocurrency could rally towards the $75.00 level if buyers can force a breakout above the $66.00 level.

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