Litecoin Price Analysis: LTC/USD has room for fast move back to $50

LTC/USD bulls managed to breakout from a descending channel pattern formation.
Eyes are on a fast-move back towards $50 level, support eyed at $42.30.

Ken Chigbo Independent Analyst

The Litecoin price was seen nursing losses of some 2.3% in the latter stages of trading on Thursday. Bulls managed to cover some of the early damage in the session. Perhaps the market bears ran over-exhausted indeed.

LTC/USD price action formed a descending channel pattern formation, as observed via the 60-minute chart view. Bulls managed to penetrate the upper trend line enough, to force a breakout to the upside. This leaves the door open for the bulls to further capitalize.

Given the breakout of the above-mentioned pattern formation, it gives LTC/USD further opportunity to recover some losses. Eyes are on the potential for a fast move back towards $50, there isn’t much in the way of that level. Support should now be noted above the broken channel, tracking at $42.30.

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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