Litecoin plunged today as the whole crypto market has plunged and it could crash again after the last week’s indecision. It has slipped below a very important dynamic support and now is more a sell than a buy because it has failed to stay higher and to make a breakout above the near term resistance levels.

I’ve told you in the previous weeks that the rate could aggressively if it will fail to stay away and above the near term dynamic support. I’ve also said that the Litecoin could drop if the Bitcoin will drop again.

Unfortunately, the Bitcoin it has failed to resume the minor rebound and now is trading in the red as well and it seems poised to reach the 6000 psychological level again. A valid breakdown below the 6000 psychological level it will signal a massive drop and the crypto market crash.

You can see that the rate has failed to approach and reach the lower median line (lml) of the ascending pitchfork and now has dropped below the outside sliding line (sl1)  of the ascending pitchfork. I’ve told you in the previous reports that a valid breakdown below the outside sliding line (sl1) will confirm a further drop. The breakdown needs confirmation, so, maybe you should wait for a retest or an increase and a failure to retest the broken support before you’ll go short again.

It is very important to see what will really happen on the Bitcoin as well, so you should keep an eye on the Bitcoin’s chart to see if we’ll have a further drop confirmation.

Right now an upside movement is less likely to happen because the rate has failed to approach and reach the inside sliding line (sl) of the ascending pitchfork, which it represents a very important and crucial resistance.