Litecoin (LTC) Price Analysis: LTC/USD is stuck within channel to hell

Litecoin price down 1% on Friday, with price stuck within descending channel pattern.
Momentum is well with the bears at this time, looking to reverse the bull run that commenced 31st October.

Ken Chigbo Independent Analyst

The Litecoin price was seen nursing modest losses of just some 1% on Friday, however current price action and pattern formation remains somewhat worrying. LTC/USD is running in its third consecutive sessions of losses.

Price action for LTC/USD has been moving within a descending channel formation, quite a steep one to the downside. This technical set up began to take shape after the high print on 7th November, up at $56.54.

The next major area of support eyed, with the falling price in the channel, is seen around $50.80. This was a consolidation area seen between 2-4 November, prior to the continued bull run. Further south, eyes would be on 31st October low, where the price managed to bounce, down at $47.73.

LTC/USD 60-minute chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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