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Litecoin Technical Analysis: LTC/USD head and shoulders pattern in progress, here come the bears

Litecoin price nursing losses on Friday in the late part of the session, down some 0.70%.
LTC/USD has seen a breakout and retest of a head and shoulders pattern. The neckline has been breached, eyes on further potential downside.

Ken Chigbo Independent Analyst

LTC/USD 15-minute chart

The price broke out to the downside from a rising wedge pattern formation.

Spot rate: 31.78

Relative change: -0.60%

High: 33.09

Low: 31.40

Trend: Bearish/Neutral

Support 1: 31.09, daily pivot point support.

Support 2: 30.15, daily pivot point support.

Support 3: 28.91, daily pivot point support.

Resistance 1: 33.27, daily pivot point resistance.

Resistance 2: 34.51, daily pivot point resistance.

Resistance 3: 35.45, daily pivot point resistance.

LTC/USD 60-minute chart

A clearer view of the neckline break and retest. Price action has forms a bearish evening star candlestick.

LTC/USD daily chart

Price action is still very much supported by an ascending trend line via the daily.

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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