Litecoin Price Analysis: LTC/USD gunning for another critical retest of breached flag

Litecoin price is trading in positive territory by 3.35 % in the session on Wednesday.
LTC/USD is moving within a narrowing range block structure, explosive breakout eyed.
Following a daily bear flag breakout, vulnerabilities have remained tilted to the downside.

Ken Chigbo Independent Analyst

LTC/USD daily chart

The bulls are pushing for a retest of the breached flag pattern, following a strong break above $40, which was proving to be a stubborn near-term barrier. A closure back above the noted structure will need to be seen, in order to void the potential bear set-up.

LTC/USD 60-minute chart

Price action has smashed to the upside out from a narrowing range-block formation, inviting a fresh wave of buying pressure.

Spot rate: 40.17

Relative change: +3.35%

High: 42.30

Low: 40.34

LTC/USD

Overview
Today last price	42.0605
Today Daily Change	1.3793
Today Daily Change %	3.39
Today daily open	40.6812

Trends
Daily SMA20	42.2807
Daily SMA50	42.742
Daily SMA100	54.6854
Daily SMA200	52.5541

Levels
Previous Daily High	41.3634
Previous Daily Low	40.1414
Previous Weekly High	43.767
Previous Weekly Low	37.9812
Previous Monthly High	63.9927
Previous Monthly Low	24.9467
Daily Fibonacci 38.2%	40.8966
Daily Fibonacci 61.8%	40.6082
Daily Pivot Point S1	40.0939
Daily Pivot Point S2	39.5066
Daily Pivot Point S3	38.8719
Daily Pivot Point R1	41.3159
Daily Pivot Point R2	41.9507
Daily Pivot Point R3	42.538

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.