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Litecoin Technical Analysis: LTC/USD bull flag is eyed, but bears will remain in control for now

Litecoin price on Wednesday cooled, seen trading down some 1.2% in the latter part of the session.
LTC/USD price action is edging lower, but forming a bullish flag pattern.

Ken Chigbo Independent Analyst

LTC/USD 60-minute chart

Spot rate: 53.349

Relative change: -1.21%

High: 54.821

Low: 52.000

Trend: Bearish

Support 1: 53.115, 50MA (60-minute).

Support 2: 52.050, lower trend line of bull flag..

Support 3: 51.501,ascending trend line.

Resistance 1: 53.835, upper trend line of bull flag.

Resistance 2: 54.830, 100MA (60-minute).

Resistance 3: 55.466 , resistance on 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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