Litecoin Technical Analysis: LTC/USD bulls are gunning for a breakout and big moves above a descending wedge pattern
|- Litecoin price seen trading up with gains of over 3% in the latter part of Monday.
- LTC/USD price action is moving within a descending wedge pattern formation.
- Bulls are penetrating the upper resistance of the wedge, gunning for a big breakout higher.
LTC/USD 4-hour chart
Spot rate: 55.259
Relative change: +3.22%
High: 59.235
Low: 51.601
Trend: Bullish
Resistance 1: 56.755, descending trend line of wedge.
Resistance 2: 59.875, 8 October high.
Resistance 3: 65.000, supply zone.
Support 1: 55.000, support on 60-minute chart.
Support 2: 50.710, demand zone.
Support 3: 48.800, lower part of wedge.
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