Litecoin Price Bleeds, Why The Bulls Could Stay On Sidelines

Litecoin price started a fresh decline from the $80 resistance against the US Dollar. LTC is struggling and remains at a risk of more losses towards the $55 support.Litecoin started a fresh decline from the $85 resistance against the US Dollar.
The price is now trading below $70 and the 100 simple moving average (4-hours).
There was a break below a key contracting triangle with support near $75.00 on the 4-hours chart of the LTC/USD pair (data feed from Kraken).
The price could continue to move