Litecoin price analysis: LTC/USD subject to another potential wave of selling given the price formation
- Litecoin price in the latter stages of trading on Tuesday is nursing losses of some 3.5%.
- Price action has formed a bearish wedge/flag structure, subject to another wave of potential selling.
The Litecoin price in the second half of the session on Tuesday is nursing steep losses of some 3.5%. A bear market remains, as the price struggles to stabilize.
Price action via the 4-hour chart view is moving within a rising wedge structure, it could also be perceived as a bearish flag. LTC/USD is consolidating following the harsh falling encountered, through much of August, having commenced late in June.
In terms of the technical view, given the above-noted price formation, it does appear vulnerable to downside risks. The lower tracking ascending trend line of the pattern is seen at $73.50, failure to hold could open the door to a fresh wave of selling.
LTC/USD 4-hour chart
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.
