Litecoin Technical Analysis: LTC/USD bull breakout eyed from flag formation

Litecoin price on Wednesday is underperforming, nursing losses of some 2% in the second half of the session.
LTC/USD price action has formed a bullish flag pattern formation, subject to a breakout.
The bulls have managed to push the price its highest level in over six sessions.

Ken Chigbo Independent Analyst

Spot rate: 79.44

Relative change: -1.95%

High: 82.29

Low: 78.92

LTC/USD 60-minute chart

Price action is narrowing greatly within a triangular structure seen via the 60-minute chart view.

LTC/USD daily chart

Over the last week or so price action has been within consolidation mode, having formed a bullish flag pattern formation, subject to a potential breakout higher.

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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