Litecoin price analysis: LTC/USD flirting with a strong supporting trend line seen at $161, bears are testing strength of this

  • LTC/USD price is testing a known strong supporting trend line at $161
  • Litecoin Is moving within a symmetrical triable pattern that started in February.

The Litecoin price is seen extending the losses from yesterday, down around 4% in early trading on Wednesday. Market trend is to the downside, as it has become clearer over the last week or so now, as bears are becoming a more dominant force.

A symmetrical triangle has formed on the daily time frame view, where the price is flirting with a strong supporting ascending trend line, that forms the lower part of the symmetrical triangle. The formation of the mentioned pattern started in February.

Technically, LTC/USD looks vulnerable to a breakout, given the pressure on the below trend line, a breach would expose the lows seen in February at around $102. Should the price see a change in direction, look for a retest of the above trend line, tracking around $180.


LTC/USD 4-hour chart



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.