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Litecoin technical analysis: LTC/USD bearish flag breach invites a fresh wave of selling

  • Litecoin price is nursing losses in the session down over 2% towards the latter stages of the session
  • LTC/USD has faced a fresh wave of selling pressure following the breakout of a bearish flag structure. 
  • The low area of August is subject to a retest, a breach could invite much further panic selling for Litecoin.
Litecoin technical analysis: LTC/USD bearish flag breach invites a fresh wave of selling
Ken ChigboKen ChigboIndependent Analyst

LTC/USD daily chart

Price action is running at its sixth consecutive session in the red, as the bears maintain firm control. 

LTC/USD 60-minute chart

LTC/USD via the 60-minute chart view has smashed out from a bearish pennant structure, inviting more sellers in. 

Spot rate:                  64.95

Relative change:      -2.40%

High:                         67.32

Low:                          64.56

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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