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


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