LTC/USD subject to another potential wave of selling given the price formation

  • Litecoin price in the latter stages of trading on Tuesday is nursing losses of some 3.5%.
  • Price action has formed a bearish wedge/flag structure, subject to another wave of potential selling. 

 

The Litecoin price in the second half of the session on Tuesday is nursing steep losses of some 3.5%. A bear market remains, as the price struggles to stabilize. 

Price action via the 4-hour chart view is moving within a rising wedge structure, it could also be perceived as a bearish flag. 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 $73.50, failure to hold could open the door to a fresh wave of selling. 

 

LTC/USD 4-hour chart

Crypto Destroyer

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