Litecoin Technical Analysis: LTC/USD breaching critical ascending trend line of support

Litecoin price on Wednesday is trading in negative territory, nursing losses over 2%.
LTC/USD price action via the daily is breaching a key near-term ascending trend line.
15-minute chart view shows a bearish pennant structure, inviting further potential selling.

Ken Chigbo Independent Analyst

Spot rate: 74.11

Relative change: -2.25%

High: 79.51

Low: 72.29

LTC/USD

Overview
Today last price	74.1028
Today Daily Change	-0.7915
Today Daily Change %	-1.06
Today daily open	74.8943

Trends
Daily SMA20	75.454
Daily SMA50	74.0218
Daily SMA100	60
Daily SMA200	48.6036

Levels
Previous Daily High	79.5184
Previous Daily Low	74.4704
Previous Weekly High	81.3432
Previous Weekly Low	66.0294
Previous Monthly High	99.4789
Previous Monthly Low	60.3565
Daily Fibonacci 38.2%	76.3988
Daily Fibonacci 61.8%	77.5901
Daily Pivot Point S1	73.0703
Daily Pivot Point S2	71.2464
Daily Pivot Point S3	68.0223
Daily Pivot Point R1	78.1184
Daily Pivot Point R2	81.3424
Daily Pivot Point R3	83.1664

LTC/USD 15-minute chart

Near-term bearish pennant can be eyed via the 15-minute chart view, subject to a potential breakout south.

LTC/USD daily chart

Price action via the daily is breaking out to the downside from a critical ascending supporting trend line.

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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