An analyst has explained that a bear flag is potentially forming for Litecoin, which, if confirmed, might cause a decline for LTC to this level.
Litecoin Could Be In Danger Of Deep Decline Due To This Bear Flag
In a post on X, analyst Ali has pointed out a possible bear flag taking form for Litecoin. A “bear flag” is a pattern in technical analysis that, as its name implies, looks like a flag on a pole.
The pattern takes shape when the asset observes a sharp downward move and follows it up with a period of consolidation. This consolidation happens toward a slight overall uptrend, meaning that its upper level is created by connecting higher highs, while the lower line joins together higher lows.
The downtrend prior to the consolidation makes up for the pole, while the channel looks like a flag. Inside the flag, the price is naturally likely to feel resistance at the upper level, while support is at the lower one.
The bear flag is popularly considered a continuation pattern, meaning
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