Latest Litecoin price and analysis (LTC to USD)

Litecoin remains in a bearish posture following its rejection from the psychological level of resistance at $50 yesterday afternoon.

It followed Bitcoin’s lead on Wednesday as it momentously surged by more than 13% to test $50 before retracing the entire candle on the following day.

At the time of writing Litecoin is trading at around $47.90 with continuation to the downside seeming more likely than a bullish break out.

If Litecoin continues to trade below $50 and the daily 200MA at $52 it remains in the control of bearish traders in spite of the upcoming Bitcoin halving.

Bitcoin will undergo a reward halving in less than 12 days in an event that has historically been very kind to the entire cryptocurrency market.

The previous halving happened in 2016 and was considered the spark to the 2017 bull market that saw Litecoin rise all the way to $420.

But it’s worth noting that the focus will be on Bitcoin initially as it responds to the halving, which will effectively cause a reduction…