Litecoin technical analysis: LTC/USD bearish flag structure subject to a breakout

Litecoin price on Thursday is trading in positive territory by 0.80%.
LTC/USD has found some daily support around the $70 mark, a breach could send the price down to $50.
Price action via the daily chart view is moving within a bearish flag structure.

Ken Chigbo Independent Analyst

Spot rate: 73.71

Relative change: +0.80%

High: 74.64

Low: 71.00

LTC/USD daily chart

Major daily support seen at $70 prevents the price from free-fall for now, next major support eyed at $50.

LTC/USD 60-minute chart

Near-term price action moving has broken above a descending trend line, subject to a retest.

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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