Litecoin Technical Analysis: LTC/USD big game changing barrier just ahead, with price moving to the upside within rising wedge

Litecoin price seen up with decent gains of 2.5% on Thursday. upbeat sentiment observed across the market.
LTC/USD moving to the upside within a rising wedge pattern. Descending trend line resistance see just ahead.
New cryptocurrency exchange, ErisX, readying to offer Litecoin futures and others.

Ken Chigbo Independent Analyst

LTC/USD 60-minute chart

Spot rate: 58.993

Relative change: +2.47%

High: 59.420

Low: 57.393

Trend: Bullish.

Resistance 1: 58.884, 100MA descending trend line.

Resistance 2: 59.900, upper part of wedge pattern.

Resistance 3: 61.400, 2nd October high & supply area.

Support 1: 58.435, lower trend line of channel.

Support 2: 56.725, support on 60-minute chart.

Support 3: 56.440, demand zone.

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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