LTC/USD could be punished if $70 breaks

Fibo Quantum

  • Litecoin price in the latter stages of trading on Wednesday is nursing losses of some 1.5%.
  • Price action has formed a bearish pennant structure, subject to another wave of potential selling. 

 

The Litecoin price in the second half of the session on Wednesday is nursing steep losses of some 1.5%. A bear market remains, as the price struggles to regather upside momentum. 

Price action via the daily chart view is moving within a narrowing pennant structure. LTC/USD is consolidating following the harsh falling encountered, through much of August, having commenced late in June. 

In terms of the technical view, given the above-noted price formation, it does appear vulnerable to downside risks. The lower tracking ascending trend line of the pattern is seen at $70, failure to hold could open the door to a fresh wave of selling. 

 

LTC/USD daily chart