LTC/USD break of $50 would be devastating

Fibo Quantum

  • Litecoin price is trading in negative territory by 4.50% in the session on Friday. 
  • LTC/USD has been pushing south for two consecutive weeks, with bears in control.
  • The 2020 gains at risk of a reversal, which has been the case since the bearish evening star formation. 

 

LTC/USD weekly chart

Following the deadly evening star formation in the week of 14 February, downside pressure has been observed. 

LTC/USD daily chart

The price is consolidating, for now, following three deep sessions to the south for LTC/USD earlier in the week. 

Spot rate:                58.82

Relative change:    -4.50%

Hgh:                         63.36

Low:                         56.60