Point : In a similar set up to ETHBTC things have recovered well vs litecoin over the last month or so but to me the price action doesn't look bullish but rather a breath of fresh air for the bulls until the bears drag them back underwater. The RSI indicator has given us lower highs and lows in congruence with price, so I expect a big drop shortly because that's what happens next with RSI like that. MACD is bearish and gives no sort of buy signal. So with no areas of prior price discovery in this range (gap trade) I think it's safe to say the nature will consume this void and we hit about .003 or so. We can use a weekly close above .01 as a stop loss.
Counter point : Can't do it. Everything looks very bearish to me. Need to see a good close above .01 to think otherwise.
@some_guy, I love Litecoin and think it has amazing long term prospects. LTC will probably continue to advance against the USD and I haven't sold any of my longterm LTC.
That said, LTCBTC just looks really bearish right now and if you have a lot of LTC and not a lot of BTC you might want to hedge somehow.
Former support now resistance at .01 is bull/bear line in the sand I think.