Litecoin Technical  Analysis: LTC/USD bears are taking the channel for further holidays down in the deep south

• Litecoin was back under pressure on Monday, seen nursing losses of around 0.75%.
• LTC/USD price action has formed descending channel pattern, eyes on a drive down to sub $50.  

LTC/USD 60-minute chart

Spot rate:                    54.313

Relative change:        -0.76%

High:                           56.621

Low:                            53.610

Trend:                         Bearish

Support 1:                   54.370, 50MA.

Support    2:                  53.900,  support on 60-minute chart.  

Support    3:                  51.250, lower part of descending channel.

Resistance 1:              55.475, 100MA & upper part of descending channel.  

Resistance 2:             56.600, resistance    60-minute chart.    

Resistance 3:             57.700, supply zone.