LTC/USD continued its downward trend on Wednesday and is trading at 3.80 levels at the time of writing (BTC-e).

Long-term trend: Bearish

Ichimoku analysis of daily chart:

Tenkan Sen: 3.84

Kijun Sen: 3.85

Trend reversal: 3.87 (90 EMA)

The pair’s upside is being capped by 3.82 (10-DMA) and a break above would take it to 3.88 (200-DMA)/ 3.91 (September 26 high)/ 4.05 (September 08 high).

On the reverse side, support is likely to be found at 3.78 (September 30 low) and any weakness below this level would target 3.70 (September 22 low)/3.50 (psychological level).