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Litecoin Technical Analysis: LTC/USD let there be a breakout, price action indicates just that in narrowing pennant

Litecoin price was nursing losses in the latter stages of Friday by over 2%, after the price failed to breakdown a supply area.
LTC/USD was unable to further capitalize on the chunky bidding seen at the back end of Thursday's session, the price however did reach the highest levels seen since 5th September.
Litecoin did rally on Thursday thanks to CoinText adding support for the use of its service in the U.S and Canada.

Ken Chigbo Independent Analyst

LTC/USD 4-hour chart

Spot rate: 62.930

Relative change: -2.18%

High: 64.981

Low: 60.700

Trend: Bearish

Support 1: 60.650, support on 4-hour chart.

Support 2: 59.180, 50MA (4-hour).

Support 3: 56.850, ascending trend line & 100MA (4-hour).

Resistance 1: 62.780, resistance on 4-hour chart.

Resistance 2: 64.600,supply area.

Resistance 3: 65.620, 27th September high.

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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