Litecoin faces fresh selloff as bearish wave structure continues

Looking at Litecoin, it’s probably still unfolding a five-wave bearish impulse within wave (C) on a daily chart, so while the price is below the 72 invalidation level and after the current subwave 4 pullback, subwave 5 may still show up. Down there, around the 40 area, the market may start looking for some major support at the lower side of a big triangle formation.

On the 4-hour chart, we can see a new decline from the projected 60 resistance, so it looks to have a completed projected ABC corrective rally, as we see it breaking below the channel support line and 54 level. Therefore, we should be aware of a new sell-off back to lows for wave 5, just watch out for short-term pullbacks.