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

• 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.