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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. 

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

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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