Litecoin price analysis: LTC/USD price make a big bounce off a descending trend line within channel

LTC/USD price continues to respect descending channel pattern on 4-hour time frame.
Crypto market wide sentiment shift, as bulls return to the price action.

Ken Chigbo Independent Analyst

The Litecoin price is seen up over 15% in trading on Monday, as the crypto market wide looks to make a comeback, after heavy losses encountered during the last week. It could just be that the bears have run out of steam driving the market lower for now.

There were some upbeat comments that were picked up by all the major news wires, a letter written by the Financial Stability Board Chair Mark Carney to the G20, saying that cryptocurrencies do not pose a risk to global financial stability. This provided some renewed sentiment and allowed the bulls to come back in and stage a rebound.

LTC/USD price is moving within a descending channel, as seen on the 4-hour time frame. During the heavy selling seen, the price was caught by a trend line that has formed a descending channel pattern. Next upside target is seen at the above trend line of the mentioned pattern, tracking around $175. Support is seen around $150, and then $137.

LTC/USD 4-hour 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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