Litecoin Technical Analysis: LTC/USD close to falling off the edge

  • Litecoin price on Wednesday nursing losses of some 2.8% towards latter part of the day.
  • Like a number of its peers, LTC/USD price action is moving within a bearish pennant structure. 
  • A breach of the psychological $30 mark could be catastrophic, inviting a new wave of selling pressure. 

 

LTC/USD 4-hour chart
 

 

Spot rate:                  30.13

Relative change:      -2.80%

High:                         31.29

Low:                          29.80

 

Trend:                        Bearish

 

Support 1:                  30.00, lower part of pennant.

Support 2:                  29.72, daily pivot point support.

Support 3:                  28.50, daily pivot point support.

Resistance 1:             33.31, upper part of pennant & daily pivot point.

Resistance 2:             34.53, daily pivot point resistance.

Resistance 3:             36.24, 28 November high.

 

LTC/USD 60-minute chart

  • The 60-minute chart view shows how close LTC/USD is reliant on the lower support of the pennant. 

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