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Litecoin Technical Analysis: LTC/USD bearish flag formation eyed

  • Litecoin price on Friday is trading back in negative territory, nursing losses of around 2%. 
  • LTC/USD is still vulnerable to giving up that $30 mark once again. 

LTC/USD 15-minute chart

  • Buying kicked in at the $30 territory, propping price up in the near-term.

Spot rate:                 31.31

Relative change:      -1.95%

High:                         31.96

Low:                          30.80

Trend:                        Bearish 

Support 1:                 30.74, daily pivot point support.

Support 2:                 29.58, daily pivot point support.

Support 3:                 28.96, daily pivot point support.

Resistance 1:            32.51, daily pivot point resistance.

Resistance 2:            33.13, daily pivot point resistance.

Resistance 3:            34.29, daily pivot point resistance.

LTC/USD 60-minute chart

  • LTC/USD via the 60-minute is currently range trading, upper resistance at $33, support at $30. 

LTC/USD daily chart

  • Price action moving within a range-block formation after breaching an ascending channel formation. 

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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