Litecoin Price Forecast: LTC/USD largely at risk trading underneath bearish flag

Litecoin price is trading in negative territory by 2.30 % in the session on Wednesday.
LTC/USD is moving within a narrowing nature, sitting just above critical support at $40.
The coming range breakout will likely be trend defining, with risks tilting to the downside.

Ken Chigbo Independent Analyst

LTC/USD daily chart

Vulnerabilities remain tilted to the downside, given the bearish flag breach.

LTC/USD 60-minute chart

Price action formed a head and shoulder structure and has breached the neckline, inviting further downside pressure.

Spot rate: 40.38

Relative change: -2.30%

High: 41.77

Low: 40.22

LTC/USD

Overview
Today last price	40.4198
Today Daily Change	-0.8048
Today Daily Change %	-1.95
Today daily open	41.2246

Trends
Daily SMA20	41.3175
Daily SMA50	45.5205
Daily SMA100	55.0908
Daily SMA200	53.0477

Levels
Previous Daily High	41.9286
Previous Daily Low	40.5748
Previous Weekly High	47.6578
Previous Weekly Low	39.9638
Previous Monthly High	63.9927
Previous Monthly Low	24.9467
Daily Fibonacci 38.2%	41.092
Daily Fibonacci 61.8%	41.4115
Daily Pivot Point S1	40.5567
Daily Pivot Point S2	39.8889
Daily Pivot Point S3	39.2029
Daily Pivot Point R1	41.9105
Daily Pivot Point R2	42.5965
Daily Pivot Point R3	43.2643

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.

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Litecoin Price Forecast: LTC/USD largely at risk trading underneath bearish flag