Litecoin Technical Analysis: LTC/USD subject to potential fast moves deep south

Litecoin price on Wednesday was very much vulnerable, down over 4% on the day.
LTC/USD knocking on the door of vital near-term support area, breach is possible.
Heavy downside pressure seen across the market, with several vital levels being tested.

Ken Chigbo Independent Analyst

LTC/USD 4-hour chart

Spot rate: 47.79

Relative change: -3.70%

High: 50.84

Low: 47.43

Trend: Bearish

Support 1: 47.65, 29 October low & demand zone.

Support 2: 47.00, daily pivot point support.

Support 3: 45.69, daily pivot point support.

Resistance 1: 49.15, resistance on 4-hour.

Resistance 2: 50.73, daily pivot point resistance.

Resistance 3: 52.04, daily pivot point resistance.

LTC/USD 60-minute chart

Looking via the 60-minute, it can be seen how strong the buyes have proven to be in the past on 29th and 31st October, at current levels.

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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