LTC could crash 65% if its bearish fate plays out

  • Litecoin price shows a bear flag pattern hinting at a 64% crash.
  • LTC has already triggered a breakdown, suggesting that this pessimistic outlook is at play.
  • A daily candlestick close above $64.43 will invalidate the bearish thesis.

Litecoin price shows a rather bearish outlook from a higher time frame perspective, which hints at a steep correction awaiting the altcoin. To make matters worse, this pattern has already confirmed a breakdown, indicating that the fate of LTC holders has already been decided.

Litecoin price shows its hand

Litecoin price shed roughly 64% between April 1 and June 12, which pushed it down from $128 to $51. This steep correction was followed by a recovery phase that pushed LTC up by 62% in the next three months.

So, between April and September, Litecoin price action led to the formation of a bear flag on the charts, which is a form of bearish continuation pattern, signaling more losses ahead. As the name suggests, the pattern looks like a flag on a pole, only in the case of the bearish version ‘upside-down’. 

In this case, the 64% correction is the flagpole, while the 62% recovery rally in the form of higher highs and higher lows formed the flag.

The setup forecasts a continuation of the bear trend for Litecoin price. The target for this technical pattern is obtained by measuring the flagpole’s height and extrapolating it from the flag lower. Starting from a breakout point at $55 it reveals that LTC could slide to $19.74. However, a conservative target would be $24. 

The market conditions suggest that investors should pay close attention to $41.68 and the liquidity below it. If Litecoin price sweeps below this level and recovers quickly, investors should consider a potential early end to the downside move.

LTC/USDT 3-day chart

On the other hand, if Litecoin price produces a daily candlestick close above the $54.40 to $74.47 range’s midpoint at $64.43, it will indicate a weak sell-side camp. Moreover, this move will allow bulls to take control, invalidating the bearish thesis for LTC.

In such a case, market participants can expect Litecoin price to attempt a retest of the range high at $74.47.

Note:

The video attached below talks about Bitcoin price and its potential outlook, which could influence Litecoin price.

 

  • Litecoin price shows a bear flag pattern hinting at a 64% crash.
  • LTC has already triggered a breakdown, suggesting that this pessimistic outlook is at play.
  • A daily candlestick close above $64.43 will invalidate the bearish thesis.

Litecoin price shows a rather bearish outlook from a higher time frame perspective, which hints at a steep correction awaiting the altcoin. To make matters worse, this pattern has already confirmed a breakdown, indicating that the fate of LTC holders has already been decided.

Litecoin price shows its hand

Litecoin price shed roughly 64% between April 1 and June 12, which pushed it down from $128 to $51. This steep correction was followed by a recovery phase that pushed LTC up by 62% in the next three months.

So, between April and September, Litecoin price action led to the formation of a bear flag on the charts, which is a form of bearish continuation pattern, signaling more losses ahead. As the name suggests, the pattern looks like a flag on a pole, only in the case of the bearish version ‘upside-down’. 

In this case, the 64% correction is the flagpole, while the 62% recovery rally in the form of higher highs and higher lows formed the flag.

The setup forecasts a continuation of the bear trend for Litecoin price. The target for this technical pattern is obtained by measuring the flagpole’s height and extrapolating it from the flag lower. Starting from a breakout point at $55 it reveals that LTC could slide to $19.74. However, a conservative target would be $24. 

The market conditions suggest that investors should pay close attention to $41.68 and the liquidity below it. If Litecoin price sweeps below this level and recovers quickly, investors should consider a potential early end to the downside move.

LTC/USDT 3-day chart

LTC/USDT 3-day chart

On the other hand, if Litecoin price produces a daily candlestick close above the $54.40 to $74.47 range’s midpoint at $64.43, it will indicate a weak sell-side camp. Moreover, this move will allow bulls to take control, invalidating the bearish thesis for LTC.

In such a case, market participants can expect Litecoin price to attempt a retest of the range high at $74.47.

Note:

The video attached below talks about Bitcoin price and its potential outlook, which could influence Litecoin price.

 

This news is republished from another source. You can check the original article here