Litecoin Technical Analysis: LTC/USD tanks over 7% on Wednesday, price moving within a fast channel to the south

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  • Litecoin has taken a further beating on Wednesday, losing 7%, as the price again firmly gives up $100 territory.
  • LTC/USD is bouncing within a fast descending channel pattern, with lack of slowdown in sight for now.
  • Demand zone seen tracking from $90.50 down to $83, which is near-term potential hope for Litecoin.

 

LTC/USD 30-minute chart

 

Spot rate:                  92.95    

Relative change:      -6.90%

High:                          100.33

Low:                          92.28

 

Trend:                          Bearish

 

 

Support 1:                   91.95, lower trend line of channel.  

Support 2:                   90.50, demand zone.

Support 3:                   89.05, 8th December low.

Resistance 1:              96.85, upper trend line of channel.

Resistance 2:              98.61, 50MA.

Resistance 3:              102.00, 100MA & supply zone entry.

 

 

 

 

 

 

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