Litecoin Technical Analysis: LTC/USD close to falling off the edge

• Litecoin price on Wednesday nursing losses of some 2.8% towards latter part of the day.
• Like a number of its peers, LTC/USD price action is moving within a bearish pennant structure.  
• A breach of the psychological $30 mark could be catastrophic, inviting a new wave of selling pressure.  

LTC/USD 4-hour chart
 

Spot rate:                   30.13

Relative change:       -2.80%

High:                          31.29

Low:                           29.80

Trend:                         Bearish

Support 1:                   30.00, lower part of pennant.

Support 2:                   29.72, daily pivot point support.

Support 3:                   28.50, daily pivot point support.

Resistance 1:              33.31, upper part of pennant & daily pivot point.

Resistance  2:              34.53, daily pivot point resistance.

Resistance  3:              36.24, 28 November high.

LTC/USD 60-minute chart

• The 60-minute chart view shows how close LTC/USD is reliant on the lower support of the pennant.