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Litecoin Technical Analysis: LTC/USD victim of profit-taking.

  • Litecoin on Tuesday was seen nursing losses of around 1% well into the second half of the session. 
  • LTC/USD is supported from further downside for now by ascending trend line, seen via the near-term view (15-minute). 

LTC/USD 15-minute chart
 

Spot rate:                  29.06

Relative change:      -1.12%

High:                         29.74

Low:                          28.14

Trend:                        Bullish

Resistance 1:             31.58, daily pivot point resistance.

Resistance 2:             33.83, daily pivot point resistance.

Resistance 3:             36.85, daily pivot point resistance.

Support 1:                  28.70, near-term ascending trend line.

Support 2:                  26.32, daily pivot point support.

Support 3:                  23.30, daily pivot point support.

LTC/USD 60-minute chart

  • Upside is capped by a descending trend line marked on the chart below, after failing to breakdown supply heading into $31.

LTC/USD 4-hour chart

  • Profit taking takes place as bulls run into a barrier of supply in the approach to $31.

Author

Ken Chigbo

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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