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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. 
Litecoin Price Analysis: LTC/USD gunning for another critical retest of breached flag
Ken ChigboKen ChigboIndependent 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 price42.0605
Today Daily Change1.3793
Today Daily Change %3.39
Today daily open40.6812
 
Trends
Daily SMA2042.2807
Daily SMA5042.742
Daily SMA10054.6854
Daily SMA20052.5541
 
Levels
Previous Daily High41.3634
Previous Daily Low40.1414
Previous Weekly High43.767
Previous Weekly Low37.9812
Previous Monthly High63.9927
Previous Monthly Low24.9467
Daily Fibonacci 38.2%40.8966
Daily Fibonacci 61.8%40.6082
Daily Pivot Point S140.0939
Daily Pivot Point S239.5066
Daily Pivot Point S338.8719
Daily Pivot Point R141.3159
Daily Pivot Point R241.9507
Daily Pivot Point R342.538

Author

Ken Chigbo

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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