Litecoin Price Weekly Analysis – Trading Near Critical Juncture

Key Highlights

  • Litecoin price after trading as high as $3.64 started correcting lower, but it looks like the mentioned correction phase extended more than anticipated.
  • There is an expanding triangle pattern formed on the hourly chart (data feed from Bitfinex), which may ignite the next move.
  • The broken triangle trend line on the 2-hours chart (data feed from HitBTC) is currently acting as a support and preventing further losses.

Litecoin price is trading near a critical juncture, as a break below the $3.50 and a close may call for more losses and a change in the trend.

Can Buyers Prevent a Break?

We mentioned during this past week’s analysis that the $3.50-55 area holds the key for Litecoin price. The price settled above the stated level this past week and traded as high as $3.64. There was a bearish trend line on the hourly chart, which was cleared to take the price higher. Now, it looks like a short-term top is created near $3.64, as the price corrected higher. However, the correction phase extended more than anticipated, and if sellers remain in control, then the price may head further lower.

Litecoin Price Weekly AnalysisRead more ... source: NewsBTC USA