Litecoin Technical Analysis: LTC/USD breakout from bullish technical set up, next area is crucial

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  • Litecoin price on Tuesday was seen holding decent gains of 1.2% through the mid-point of the session.
  • LTC/USD price action broke out from a bullish pennant pattern formation.
  • Panel of nine experts via Finder’s cryptocurrency report, median forecast for Litecoin seen at $57.
  • Next major barrier for the bulls will be to break down $55-56 range to open door for further buying pressure. 
  • Worth noting, the previous 4-hour candle has produced somewhat of a bearish gravestone doji. 

 

LTC/USD 4-hour chart 

 
 

Spot rate:                  54.300

Relative change:      +1.26%

High:                         54.859

Low:                          52.870

 

Trend:                       Bullish

 

Resistance 1:           55.200, supply zone.

Resistance 2:           56.050, resistance on 4-hour.

Resistance 3:           55.772, daily pivot point resistance. 

Support 1:                54.010, on top of breached pennant.

Support 2:                53.113, lower supporting trend line of pennant. 

Support 3:                52.708, daily pivot point support. 

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