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Litecoin Technical Analysis: LTC/USD bulls drop out from the sky, luckily they have a parachute

  • Litecoin price suffered on Monday dropping as much as 5%, inline with a cooling seen across the board.  
  • LTC/USD breached a near-term supporting trend line, seeing sellers quickly jump.
  • Further free-fall was prevented by demand zone within $57 territory. 
Litecoin Technical Analysis: LTC/USD bulls drop out from the sky, luckily they have a parachute
Ken ChigboKen ChigboIndependent Analyst

LTC/USD 60-minute chart 


 


Spot rate:                   58.268

Relative change:       -5.15%

High:                          61.494

Low:                           57.009

Trend:                        Bearish.

Support 1:                  57.000, demand zone.

Support 2:                  56.400, support on 60-minute chart.

Support 3:                  53.830, consolidation area 20 Sept before bull run.

Resistance 1:             59.070, 100MA.

Resistance 2:             60.470, 50MA.

Resistance 3:              61.330,  underneath broken ascending trend line.




 




 

Author

Ken Chigbo

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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