Litecoin technical analysis: LTC/USD danger still lurks for the price

Litecoin price on Monday is trading in negative territory by 0.15% in the second half of the session.
LTC/USD price action is moving within a very narrow range, capped by the $70 region.
The price has formed a bearish technical structure via the daily, flag pattern, subject to a breach.

Ken Chigbo Independent Analyst

Spot rate: 70.11

Relative change: -0.15%

High: 71.99

Low: 69.55

LTC/USD daily chart

Price action via the daily chart view is trading within a bearish flag pattern, vulnerabilities are tilted to the downside.

LTC/USD 60-minute chart

LTC/USD via the near-term view breached an ascending trend line of support, a retest appears to be in play, a rejection could invite another wave of selling pressure.

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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