Litecoin Trading- LTC/USD Technical Analysis, Aug 28: Back down we go

The horrors of last week's Litecoin (LTC) sell-off are resurfacing and this week's recovery has stalled. Volume is picking up again, and those patterns of stretches of flat trade followed by sudden and steep drops have returned.

Selling has picked up during the past 3 hours, the coin losing 6%. Litecoin (LTC/USD) is now trading at $5.08, coming dangerously close to the lower end of its $5.08-$5.25 support range established earlier this week. Should this be breached, it's a long way down. There isn't much between this level and $4.66.

Against Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, which has experienced only a slight drop of its own, LTC has dropped to 0.0102.

Update: LTC/USD just hit $5.05. More selling is likely.