Litecoin Price Analysis: LTC/USD current price action is spelling danger, bearish pennant eyed
|- Litecoin is seen nursing losses of around 1.5% during trading on Friday, after a soft trading week.
- LTC/USD is heading for its 4th consecutive week of losses, been in a firm downward trend since the back end of July.
The Litecoin price is seen to be underperforming on Friday, down over 1.5%, with much of the crypto market seen broadly flat or nursing losses. This comes after an initial rollercoaster of a week in terms of price action, as there were some promising signs of a bullish breakout.
LTC/USD has been in a firm bearish trend since the back-end of July, it has lost around 37%, falling from $84.56 down to current levels of $53. There aren’t any indications for Litecoin of a shift in trend, looking at the current weekly candle.
Technically, as mentioned the price action has formed a bearish pennant pattern, this started taking shift from 9th August. The narrowing range of trading for LTC/USD, suggests a breakout could be around the corner, leaning more in favor of the bears. Support to the downside is being approached, seen at the lower part of the pennant, $55.20, a breach could see a quick slip down to sub $50. Resistance to the upside seen from $58-59.
LTC/USD 4-hour chart
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