Litecoin Price Analysis: LTC/USD grinds closer to a wedge pattern breakout

Spot rate: $48.94

Relative change: -1.1222

Percentage change: 2.24%

Trend: Bullish

Volatility: High

LTC/USD daily chart

Litecoin price advanced from $50.18 but formed an intraday high at $50.75. The selling pressure at $51 intimated the bulls who scattered as the price fell to $49.06 (intraday low). Litecoin needs to move past $49.97, $50.74 and $51.50 to escape the trappings set by the bears. $49.06 is the Fibonacci 38.2% one-day, $50.74 is the pivot point one-week support three and $51.50 is the previous day high. On the downside, support is observed at $48.95: The previous day low and the Bollinger Band 15-mins lower. The second support is seen at $48.43: Pivot Point one-month support one.

A falling wedge pattern hints that a bullish reversal is possible in the near term, However, LTC/USD is likely to continue with the downside action as it seeks a credible support area. Besides, the Elliot Wave Oscillator shows that bears are in control of the price in the current session; situation likely to last the entire day.