Litecoin Price Analysis: LTC/USD $55 breach may prove to be very punishing

• Litecoin price is trading in negative territory by some -5.70% in the session on Thursday. 
• LTC/USD range of $60 to the high, $55 to the low, at high risk of a breach. 
• The next major supports to the downside see at; $50, $44 and $40. 

LTC/USD daily chart

Looking via the daily chart view, rallies for LTC/USD continue to be sold by the bears. 

LTC/USD 60-minute chart

LTC/USD via the 60-minute chart view, like many of its peers, is breaking out to the downside from a bearish flag pattern. 

Spot rate:                 57.28

Relative change:    -5.75%

High:                        59.15

Low:                         57.08