Ken Chigbo
Independent Analyst
- Litecoin trading up in the early part of Friday, holding gains of over 4% on the day.
- LTC/USD has formed a near-term bottom, around the $31-30 price region.
- Near-term barrier eyed at an above descending trend line, tracking around $33.60-70.
- Time will tell if this is a solid bounce, or just exhaustion from the bears.
LTC/USD 4-hour chart
Spot rate: 32.78
Relative change: +4.25%
High: 33.08
Low: 30.64
Trend: Bullish
Support 1: 30.80, near-term bottom area.
Support 2: 30.24, daily pivot point support.
Support 3: 28.97, daily pivot point support.
Resistance 1: 33.60, upper descending trend line.
Resistance 2: 33.89, daily pivot point resistance.
Resistance 3: 36.27, daily pivot point resistance.
LTC/USD weekly chart
- This view still demonstrates the importance of the $30 area holding, or a fast fall would likely be seen, down to $20 territory
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