LTC/USD bears still shaping up for further potential drops

  • Litecoin price is nursing deep losses of double-digits in the second of of Thursday’s session. 
  • LTC/USD subject to another drop, near-term bottom eyed at $34.00, a breach could expose $30.00. 

LTC/USD 15-minute chart

  • Price action moving within consolidation mode, moving within a narrow range of $35-34, subject to further downside. 

Spot rate:                  34.53

Relative change:      -11.05%

High:                         39.62

Low:                          33.92

Trend:                        Bearish 

Support 1:                  38.26, daily pivot point support.

Support 2:                  37.60, daily pivot point support.

Support 3:                  36.48, daily pivot point support.

Resistance 1:             40.03, daily pivot point resistance.

Resistance 2:             41.14, daily pivot point resistance.

Resistance 3:             41.80, daily pivot point resistance.

LTC/USD 60-minute chart

  • VIa the 60-minute chart view, the price action could be viewed as a near-term potential bearish pennant structure. 

LTC/USD daily chart

  • Price gunning towards critical running ascending trend line, which has been in play since 14th December 2018. 

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