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Litecoin technical analysis: LTC/USD bulls retesting breached bearish pennant structure

  • Litecoin price on Tuesday is trading in positive territory by 3.80% in the second half of the session. 
  • LTC/USD upside is going to be heavily capped by a strong prior support zone seen at $70. 
  • The bulls are retesting a breached pennant structure, which at present continues to contain the price. 
Litecoin technical analysis: LTC/USD bulls retesting breached bearish pennant structure
Ken ChigboKen ChigboIndependent Analyst

Spot rate:                  69.68

Relative change:      +3.70%

High:                         70.23

Low:                          66.66

LTC/USD daily chart

  • The bulls are attempting to stage a rebound following the break down of critical support at $70. A retest of a daily breached penannt structure is underway. 

LTC/USD 60-minute chart

  • Price action is pressing to the north, attempting to break down the descending trend line as part of the pennant. 

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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