Forex_Academy

LTC, symmetrical triangle pattern

COINBASE:LTCUSD   Litecoin / U.S. Dollar
Litecoin price has lost -0.74% in the last 24H and we can see here in this 1-H chart how a symmetrical triangle pattern is formed with the price still stuck in the central pivot point around $79.20, very close to test the resistance and ready to make another move to the support.The 50 EMA is also following the price as a dynamic resistance and the 100 SMA keeps below the 200 EMA , technically speaking this means that the selloff is more likely to resume than to reverse. My expectation is that a stronger selling pressure is coming and LTC/USD would probably break the support line of this triangle as well.

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