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Litecoin Technical Analysis: LTC/USD on the slippery slope south, as the bears continue to sell rallies

Litecoin was seen trading broadly flat on Monday, as the bears sold the gains seen over the weekend.
LTC/USD is moving within a descending wedge pattern, not enough momentum for a break higher as of yet.

Ken Chigbo Independent Analyst

LTC/USD 60-minute chart

Spot rate: 0.47752

Relative change: -0.25%

High: 0.48090

Low: 0.47320

Trend: Neutral

Support 1: 81.935, 23.6% Fibonacci & (support on 60-minute chart).

Support 2: 80.896, today’s (Monday) low.

Support 3: 78.177, lower part of descending wedge.

Resistance 1: 82.765, 50 & 100MA.

Resistance 2: 83.418, 38.2% Fibonacci.

Resistance 3: 84.450, upper part of descending wedge.

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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