Litecoin Technical Analysis: LTC/USD odds stacked in favor of the bears

Litecoin price on Friday is trading down in the second half of the session, some 1.8%.
LTC/USD price action has extended to the downside, through the ascending trend line support.

Ken Chigbo Independent Analyst

LTC/USD 15-minute chart

Price action moving within a narrow range-block formation, subject to a further break lower.

Spot rate: 33.04

Relative change: -1.80%

High: 33.93

Low: 32.31

Trend: Bearish

Support 1: 30.71, daily pivot point support.

Support 2: 27.88, daily pivot point support.

Support 3: 23.43, daily pivot point support.

Resistance 1: 37.99, daily pivot point resistance.

Resistance 2: 42.45, daily pivot point resistance.

Resistance 3: 45.28, daily pivot point resistance.

LTC/USD 4-hour chart

LTC/USD price broke-out and retested the long-running ascending trend line. The price is hugged fairly tightly to this.

LTC/USD daily chart

Pressure remains to the downside after a breach of key ascending 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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