Litecoin Technical Analysis: LTC/USD head and shoulders of death


  • Litecoin price trading down around 2% in the early part of Tuesday's session, price struggles to hold gains seen at the daily open.
  • LTC/USD via the 60-minute chart view has formed a head and shoulders pattern, subject to a potential breakout south.
  • Neckline of above-mentioned pattern seen at around $28.70, a breach could open the door for another chunky drop. 

 

LTC/USD 60-minute chart 

 


 
 

Spot rate:                  29.01

Relative change:      -2.20%

High:                         30.34

Low:                          28.58

 

Trend:                        Bearish

 

Support 1:                  28.70, neckline of h & s pattern.

Support 2:                  27.62, daily pivot point support.

Support 3:                  25.74, daily pivot point support.

Resistance 1:             31.78, daily pivot point resistance.

Resistance 2:             34.06, neckline of double bottom. 

Resistance 3:             35.94, daily pivot point resistance.

 

LTC/USD daily chart

  • The bearish trend remains firm, as any daily session seen in the green, is the day after sold. Bulls are incapable of sustaining any upside momentum for now. 

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