- Litecoin worth reveals a bear flag sample hinting at a 64% crash.
- LTC has already triggered a breakdown, suggesting that this pessimistic outlook is at play.
- A day by day candlestick shut above $64.43 will invalidate the bearish thesis.
Litecoin worth reveals a moderately bearish outlook from a better timeframe perspective, which hints at a steep correction awaiting the altcoin. To make issues worse, this sample has already confirmed a breakdown, indicating that the destiny of LTC holders has already been determined.
Litecoin worth reveals its hand
Litecoin worth shed roughly 64% between April 1 and June 12, which pushed it down from $128 to $51. This steep correction was adopted by a recovery phase that pushed LTC up by 62% within the subsequent three months.
So, between April and September, Litecoin worth motion led to the formation of a bear flag on the charts, which is a type of bearish continuation sample, signaling extra losses forward. Because the title suggests, the sample seems to be like a flag on a pole, solely within the case of the bearish model ‘upside-down’.
On this case, the 64% correction is the flagpole, whereas the 62% restoration rally within the type of larger highs and better lows shaped the flag.
The setup forecasts a continuation of the bear development for Litecoin worth. The goal for this technical sample is obtained by measuring the flagpole’s top and extrapolating it from the flag decrease. Ranging from a breakout level at $55 it reveals that LTC may slide to $19.74. Nevertheless, a conservative target could be $24.
The market situations counsel that buyers ought to pay shut consideration to $41.68 and the liquidity under it. If Litecoin worth sweeps under this stage and recovers rapidly, buyers ought to think about a possible early finish to the draw back transfer.
LTC/USDT 3-day chart
Alternatively, if Litecoin worth produces a day by day candlestick shut above the $54.40 to $74.47 vary’s midpoint at $64.43, it would point out a weak sell-side camp. Furthermore, this transfer will enable bulls to take management, invalidating the bearish thesis for LTC.
In such a case, market individuals can anticipate Litecoin worth to try a retest of the vary excessive at $74.47.
The video connected under talks about Bitcoin worth and its potential outlook, which may affect Litecoin price.