LTC/USD: Market sees a bearish breakout from triangle formation

Bears eke out bulls as the market undergoes a bearish breakout from triangle formation.
Technical analysis also indicates an increasingly volatile market.

Rajarshi Mitra Independent Analyst

LTC/USD bears managed to eke out the bulls this Monday. The overall price fell by a mere 0.35% based on market speculation. Technical analysis also indicates that the market is becoming increasingly volatile.

LTC/USD daily chart

The downward trending line has acted as an overall market resistance since 9th January 2019. It forms a triangle with the upward trending line and the market has had a bearish breakout from the intersection. 20-day Bollinger band indicates that the bearish breakout is close to the upper band, meaning that the overall market is still relatively bullish. For bulls to take over the market again, they need to break past the formidable resistance presented by the downward trending line.

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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