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Litecoin Technical Analysis: LTC/USD must hold above $57 for big gains north

Litecoin price on Wednesday trading up with gains of some 3.15% in the second half of the session, outperforming several of its peers.
LTC/USD price action via the daily continues to move within a bullish pennant structure.
Bulls managed to extend to the upside breaking out from a descending channel formation.

Ken Chigbo Independent Analyst

Spot rate: 0.3061

Relative change: +1.45%

High: 0.3104

Low: 0.3003

Trend: Bullish

LTC/USD

Overview
Today last price	60.3789
Today Daily Change	1.3744
Today Daily Change %	2.33
Today daily open	59.0045

Trends
Daily SMA20	58.6252
Daily SMA50	50.3928
Daily SMA100	41.1735
Daily SMA200	44.3914

Levels
Previous Daily High	59.3938
Previous Daily Low	57.5977
Previous Weekly High	63.0977
Previous Weekly Low	57.6462
Previous Monthly High	53.9838
Previous Monthly Low	30.8359
Daily Fibonacci 38.2%	58.2838
Daily Fibonacci 61.8%	58.7077
Daily Pivot Point S1	57.9368
Daily Pivot Point S2	56.8692
Daily Pivot Point S3	56.1407
Daily Pivot Point R1	59.733
Daily Pivot Point R2	60.4615
Daily Pivot Point R3	61.5292

LTC/USD 60-minute chart

Big bull action sees price smash out to the upside from a descending channel formation.

LTC/USD daily chart

Daily price action continues to move within a bullish pennant pattern formation.

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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LTC/USD

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