Litecoin Price Analysis: LTC/USD has moved into an ascending triangle chart pattern
- Litecoin trades over 4% lower on the session as sentiment takes a dip.
- The price has moved into an ascending triangle chart pattern.
LTC/USD 4-hour chart
Litecoin has been in a serious downtrend for a while now. On the chart below the price has moved from above 80 down to below just 25. The good news for the bulls is that the price moved above the 55 EMA. On the other hand, the 40.00 psychological level has been a tough nut to crack and the price is currently just under that level.
interestingly, LTC/USD has been making higher lows but the top of the pattern has been static at 43.97. It seems now the price has moved lower into the red trendline. If this breaks then it would be a signal that the trend might continue in a downward direction. If that is the case the 30.00 psychological level could be the next target for the bears.
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Additional levels
Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
