Litecoin Technical  Analysis: LTC/USD are gunning for a breakout and big moves above a descending wedge pattern

• Litecoin price seen trading up with gains of over 3% in the latter part of Monday.
• LTC/USD price action is moving within a descending wedge pattern formation.
• Bulls are penetrating the upper resistance of the wedge, gunning for a big breakout higher.

LTC/USD 4-hour chart  

Spot rate:                   55.259

Relative change:        +3.22%

High:                          59.235

Low:                           51.601

Trend:                        Bullish

Resistance  1:            56.755, descending trend line of wedge.

Resistance  2:            59.875, 8 October high.  

Resistance  3:            65.000, supply zone.

Support 1:                 55.000, support on 60-minute chart.  

Support  2:                 50.710, demand zone.

Support  3:                 48.800, lower part of wedge.