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Litecoin technical analysis: LTC/USD big pennant pattern retest eyed

  • Litecoin price is trading in the green in the session by some 7.45%. 
  • LTC/USD heading for the next critical weekly support down at $20. 
  • The bears have firmly been in control since June, after putting an end to the 2019 recovery. 
Litecoin technical analysis: LTC/USD big pennant pattern retest eyed
Ken ChigboKen ChigboIndependent Analyst

LTC/USD weekly chart

The bears are pressing for a full reversal of the early 2019 price bull run, where LTC had set out for recovery. 

LTC/USD daily chart

Consecutive selling has been observed since the smashing out of a bearish pennant structure via the daily. Eyes are on a retest of the breached daily mentioned pattern.

Spot rate:                 39.79

Relative change:      +7.45%

High:                         40.02

Low:                          35.98

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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