Litecoin (LTC) Price Analysis: LTC/USD is stuck within channel to hell

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  • Litecoin price down 1% on Friday, with price stuck within descending channel pattern.
  • Momentum is well with the bears at this time, looking to reverse the bull run that commenced 31st October.

 

The Litecoin price was seen nursing modest losses of just some 1% on Friday, however current price action and pattern formation remains somewhat worrying. LTC/USD is running in its third consecutive sessions of losses.

Price action for LTC/USD has been moving within a descending channel formation, quite a steep one to the downside. This technical set up began to take shape after the high print on 7th November, up at $56.54.

The next major area of support eyed, with the falling price in the channel, is seen around $50.80. This was a consolidation area seen between 2-4 November, prior to the continued bull run. Further south, eyes would be on 31st October low, where the price managed to bounce, down at $47.73.

 

LTC/USD 60-minute chart

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