Litecoin (LTC/USD) in big trouble if it fails to move back above broken trend line

Litecoin price on Thursday was nursing losses of just some 0.90%, running towards second straight session in the red, with cooling seen across the board.
LTC/USD firmly broke out lower from an ascending trend line, which was supporting the price.

Ken Chigbo Independent Analyst

The Litecoin (LTC) price was trading marginally in the red on Thursday, down around 0.9%, as the price cooling continued for the second consecutive session. Profit taking appears to have hit the wider market.

LTC/USD had been moving higher with the support of an ascending trend line. This was running from 31st October, when it bounced from the prior selling pressure. The bears managed to breach this in early hours today - Thursday.

Given the recent breakout to the downside, eyes are on the potential for a retest at the very least underneath the trend line. This can be observed around $54.37. Should this be respected, the recent bottom of $52.95, will be watched to catch the falling price.

LTC/USD 60-minute chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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