Litecoin Technical Analysis: LTC/USD despite modest pick up, a bearish flag is forming, to dampen hopes of a substantial pullback

• Litecoin bounces to trade in positive territory, modest gains seen of 1%.
• LTC/USD price action is forming a bearish flag pattern, which could invite bears to further selling.  

LTC/USD 60-minute chart

Spot rate:                    62.920

Relative change:        1.22%

High:                          64.079

Low:                           59.987

Trend:                         Bullish
 

Support 1:                  60.955, entrance to demand zone.

Support 2:                  60.880, 8th August low.  

Support 3:                    60.000, psychological support.  

Resistance 1:             64.055, supply area & current high of session.

Resistance 2:             64.250, (resistance on 60-minute chart).

Resistance 3:             65.558, 50MA.