LTC/USD technical analysis: Litecoin rejects 55.00 and moves 0.66% lower

The LTC/USD four-hour chart is showing signs of weakness on Tuesday after bears take control.

There is now a rising wedge formation on the chart and the lower part of the channel could meet the price at around 53.75.

The candle patterns are looking bearish as after the reversal a Doji candle was printed. The current candle is also bearish but has some time to turnaround.

For the bulls, 55.00 proved to be a tough nut to crack. The resistance level held firm as it had done as a support and resistance level in the past.

52.16 is now the next level in focus on the downside but this will only be the case if the bottom of the rising wedge gets breached.

Currently, the volume is heavier on the sell-side and the biggest spike in recent times supported the selling action on 16th October.

The volume profile indicator on the right-hand side of the chart is also showing a bearish picture as the price is currently underneath the peak of the bell curve.

The relative strength index (RSI) indicator has moved above the 50 mid-line but it has just turned lower. 

So it seems, for now, the technical signals are looking weak as we get into the mid-US session we should get a clearer picture.