Litecoin Technical Analysis: LTC/USD how low can this price go, there could be another 20% drop before a pick up

• Litecoin price under heavy pressure on Wednesday, down over 5% in the session.
• LTCUSD on the back foot, inline with the mass cooling seen across the crypto market.
• Next major demand area not seen until $50 region, which would need another 20% move lower.  

LTC/USD 60-minute chart

LTC/USD daily chart

Spot rate:                    63.908

Relative change:        -5.01%

High:                          67.481

Low:                           62.667

Trend:                         Bearish
 

Support 1:                  52.450, entrance to demand zone.

Support 2:                  49.583, 1st November 2017 low.  

Support 3:                    45.560, (support on daily chart).

Resistance 1:             66.000, (resistance on 60-minute chart).

Resistance 2:             70.628, 50MA.

Resistance 3:             72.314, 100MA.