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Litecoin technical analysis: LTC/USD bulls looking to break free from stubborn bearish trend

  • Litecoin price is trading in the green in the session by some 4.50%. 
  • LTC/USD bulls have broken out from a narrowing range-block formation. 
  • Price action is capped to the upside at $58 and supported the downside at $54, within tight conditions. 
Litecoin technical analysis: LTC/USD bulls looking to break free from stubborn bearish trend
Ken ChigboKen ChigboIndependent Analyst

LTC/USD daily chart

The current daily chart has made a breach from a range that had contained the price since 25 September. 

LTC/USD 60-minute chart

The price encountered much buying pressure following a brekaout of a bullish flag pattern. 

Spot rate:                  57.15

Relative change:      +4.50%

High:                         60.12

Low:                          56.72

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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