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Litecoin Technical Analysis: LTC/USD big daily rejection

Litecoin was trading down chunky 5.5% in the latter stages of Friday's session.
LTC/USD price dealt a big rejection on the daily, by descending trend line.
Given mentioned rejection, price is heading to test the recently formed bottom area. Key support around the $27 mark.

Ken Chigbo Independent Analyst

LTC/USD daily chart

Spot rate: 31.74

Relative change: -5.5%

High: 34.29

Low: 31.04

Trend: Bearish

Support 1: 31.42, daily pivot point support.

Support 2: 29.90, daily pivot point support.

Support 3: 27.13, 25 November low.

Resistance 1: 34.10, descending trend line.

Resistance 2: 35.19, daily pivot point resistance.

Resistance 3: 36.71, daily pivot point resistance.

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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