Ken Chigbo
Independent Analyst
- Litecoin seen holding decent gains of some 2% on Thursday, stabilising after the attack from bears late on Wednesday.
- LTC/USD had broken out to the upside from a falling wedge on Wednesday, however sellers came in shortly after, seeing the retest.
- Since the retest of the above mentioned wedge, the price has trade somewhat range-bound, looking set for further upside.
The Litecoin price was seen up on Thursday with decent gains of 2%, after being hit with selling pressure late on Wednesday. Sellers forced the price down to find support at the broken falling wedge pattern.
Given LTC/USD managed to find stability above the broken wedge, it makes it attractive to some buying pressure. The 4-hour candlestick bouncing off the support, is arguable a reversal doji, having proved to be the case in Thursday’s session, moving from the lows of $53.99 printed on 22nd August.
Technically, as mentioned with the breakout and retest, bulls will be rubbing their hoofs together at a potential opportunity to drive this higher. Resistance is seen heading into the $60-mark, further north a firm supply zone is seen at $62 territory. Support is seen at a below demand zone, tracking from low to mid $53 region.
LTC/USD 4-hour chart view
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