Crypto Technicals: LTC/USD pauses downside, recovery lacks traction, more weakness on charts

LTC/USD chart - Trading View 

Exchange - Coinbase

Support: 53.36 (Cloud base); Resistance: 56.80 (5-DMA)

Technical Analysis: Bias Bearish

LTC/USD has paused 2 straight sessions of downside, more weakness on charts.

The pair was trading 1.34% higher at 55.80 at 07:10 GMT after closing 1.18% lower in the previous session.

Technical indicators are still largely bearish. Upside lacks traction. Series of strong resistances upto 59.78.

Price action is holding support at daily cloud (currently at 53.36). Breach below will see resumption of weakness.

Major supports on the downside lie at 50.25 (Sept 26 low), 47.22 (Oct 23 low) and 41.43 (Lower BB W).

5-DMA is immediate resistance at 56.77. Break above could see gains till 55-EMA at 60.34.