Litecoin Technical Analysis: LTC/USD bulls are looking to retest the breached pennant pattern

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  • Litecoin saw bulls wake up on Tuesday, after taking some beating in the previous session. Seen up over 1%.
  • LTC/USD bulls could potentially be gunning for a retest, after the bearish breakout from the pennant pattern. 
  • Should a rejection at the retest be observed, then further selling pressure could follow.

 

LTC/USD 4-hour chart 

 

Spot rate:                  49.254

Relative change:      +1.17%

High:                         51.864

Low:                          47.693

 

Trend:                       Bullish

 

Resistance:               50.000, psychological resistance.

Resistance:               51.671, underneath breached pennant & 50MA.

Resistance:               52.550, 100MA (4-hour).

Support 1:                 48.450, support (4-hour).

Support 2:                 47.210, monthly low. 

Support 3:                 46.960, daily pivot point support. 

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