Ken Chigbo
Independent Analyst
- Litecoin price is trading in positive territory by 3.35 % in the session on Wednesday.
- LTC/USD is moving within a narrowing range block structure, explosive breakout eyed.
- Following a daily bear flag breakout, vulnerabilities have remained tilted to the downside.
LTC/USD daily chart
The bulls are pushing for a retest of the breached flag pattern, following a strong break above $40, which was proving to be a stubborn near-term barrier. A closure back above the noted structure will need to be seen, in order to void the potential bear set-up.
LTC/USD 60-minute chart
Price action has smashed to the upside out from a narrowing range-block formation, inviting a fresh wave of buying pressure.
Spot rate: 40.17
Relative change: +3.35%
High: 42.30
Low: 40.34
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