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Litecoin technical analysis: LTC/USD critical bearish flag breach

  • Litecoin price is trading in the red in the session by some 4.15%. 
  • LTC/USD bears are breaking out to the downside from a bearish flag structure. 
  • Given the above-detailed breach, the psychological $50 mark is likely in the sights of the bears. 
Litecoin technical analysis: LTC/USD critical bearish flag breach
Ken ChigboKen ChigboIndependent Analyst

LTC/USD daily chart

The current daily candlestick is being driven by the bears, smashing out from a bearish flag pattern. 

LTC/USD 60-minute chart

The bears are testing a critical near-term ascending trend line of support, subject to a potential breakout south.

Spot rate:                  54.55

Relative change:      -4.15%

High:                         59.49

Low:                          53.48

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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