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Litecoin Technical Analysis: LTC/USD can't escape the deadly technical structure

  • Litecoin price on Friday seen holding gains of over 2% in the latter part of the session. 
  • LTC/USD remains stuck within stubborn 3-week trading range, not enough commitment. 
  • The daily chart view could be eyed as a bearish flag formation. 

LTC/USD 15-minute chart

  • LTC/USD slips out from an ascending channel formation, after price hit near-term resistance. 

Spot rate:               32.27

Relative change:    +2.35%

High:                       32.71

Low:                        30.83

Trend:                      Bearish

Support 1:               30.97, daily pivot point support.

Support 2:               30.41, daily pivot point support.

Support 3:               29.64, daily pivot point support.

Resistance 1:          32.29, daily pivot point resistance.

Resistance 2:          33.06, daily pivot point resistance.

Resistance 3:          33.62, daily pivot point resistance.

LTC/USD 60-minute chart

  • Price ran into sellers heading into the $33 price area, a known supply zone. 

LTC/USD daily chart

  • Bears can be seen gunning towards that big key area of demand, near-term initially this can be seen $0.3000-0.2800. 

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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