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

Litecoin price on Wednesday 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. Market bulls faced a rejection here in session on Tuesday.
The bulls are retesting a breached pennant structure, which at present continues to contain the price.

Ken Chigbo Independent Analyst

Spot rate: 67.29

Relative change: +3.70%

High: 69.38

Low: 66.64

LTC/USD daily chart

The bulls were dealt with rejection, after attempting to retest the broken down critical support at $70.

LTC/USD 60-minute chart

Price action has smashed out to the downside from a rising channel formation, making way for further selling pressure.

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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