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Litecoin price analysis: Starting to turn bearish – The Future Coin
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Litecoin price analysis: Starting to turn bearish

by The Future Coin
May 13, 2020
in Litecoin News
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Litecoin price analysis: Starting to turn bearish
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Litecoin is under pressure over the short and medium term after the LTC/USD pair plunged lower over the weekend alongside the broader cryptocurrency market.

Litecoin price analysis shows that a break under the $38.00 support level could trigger even more downside in the seventh largest cryptocurrency.

Litecoin medium-term price trend

Litecoin has reversed back towards the $40.00 support level after the cryptocurrency suffered another flash crash last weekend.

Litecoin technical analysis shows that a bearish breakout from a large triangle pattern is close to taking place on the daily time frame.

Litecoin price analysis

The daily time frame shows that price is starting to test towards the bottom of a large triangle pattern, around the $41.00 level.

According to the size of the triangle pattern, a breakout below the $41.00 level could cause the LTC/USD pair to fall towards the $20.00 level.

It is worth noting that the LTC/USD pair has a bearish medium-term bias while price trades below the $51.50 level.

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Litecoin short-term price trend

Litecoin technical analysis shows that the cryptocurrency only has a bearish short-term bias while price trades below the $44.00 level.

The four-hour time frame shows that a head-and-shoulders pattern appears to be taking shape. 

Litecoin price analysis

According to the size of the bearish pattern, the LTC/USD pair could fall towards the $22.00 level over the short term.

Watch out for a steep decline in the LTC/USD pair if price starts to hold below the neckline of the pattern, around the $37.00 level.

Litecoin technical summary 

Litecoin technical analysis shows that a bearish reversal pattern may be forming. The higher time frames also show that a triangle pattern breakout is close to happening on the daily time frame.

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