Litecoin Technical Analysis: LTC/USD narrowing price action spelling further danger


  • Litecoin price on Thursday remains in the bears control, nursing losses of over 3% on the day. 
  • LTC/USD price action is narrowing, suggesting another plunge south could very much be on the cards. 

 

LTC/USD 15-minute chart

  • Price action is narrowing within a triangular pattern formation, subject to a potential break south. 

 

Spot rate:                 29.90

Relative change:      -3.22%

High:                         32.25

Low:                          29.78

 

 

Trend:                        Bearish

 

Support 1:                  29.33, daily pivot point support.

Support 2:                  27.78, daily pivot point support.

Support 3:                  26.31, daily pivot point support.

Resistance 1:             32.35, daily pivot point resistance.

Resistance 2:             33.81, daily pivot point resistance.

Resistance 3:             35.36, daily pivot point resistance.

 

LTC/USD 60-minute chart

  • LTC/USD is moving within a range-block, another bearish potential confluence. 

 

LTC/USD daily chart

  • Candlestick on 24th December formed a bearish shooting star, leading to further cooling. 

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