Litecoin technical analysis: LTC/USD falling wedge pattern hints breakout
|- Litecoin stays in range even as bears increase their grip across the board.
- Litecoin is bearish in the short-term especially with the RSI grinding lower.
Spot rate: $54
Relative change: -0.8348
Percentage change: -1.52%
Open: $55.01
High: $55.01
Trend: Bearish
LTC/USD daily chart
Litecoin is grinding closer to a falling wedge pattern likely to correct the extended downtrend.
The zone at $50-53 becomes a viable support area capable of halting massive declines.
LTC/USD four-hour chart
The rectangle pattern formed suggests increasing bearish control and a possible fall towards $20.
Litecoin has a bearish bias in the short-term based on the Relative Strength Index (RSI).
LTC/USD one-hour chart
An ongoing retracement is likely to break the short-term trendline support.
The upside is limited by the 21 Simple Moving Average (SMA) while the downside is supported by the 50 SMA.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.