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Litecoin technical analysis: LTC/USD heading for $50, a breach could be very punishing

  • Litecoin price is trading in the green in the session by some 3.60%. 
  • LTC/USD remains very much vulnerable to downside risks as it sits below the breached bear flag. 
  • Should the daily press for a breakout and closure below $50, another wave of selling pressure may follow. 
Litecoin technical analysis: LTC/USD heading for $50, a breach could be very punishing
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

Price action has smashed out from a bearish pennant structure in the session on Wednesday, a retest of the breached range in play. 

Spot rate:                  54.52

Relative change:      +3.40%

High:                         54.45

Low:                          51.60

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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