LTC/USD jumps, after forming a near-term bottom, must now tackle barrier ahead

Fibo Quantum

  • Litecoin trading up in the early part of Friday, holding gains of over 4% on the day.
  • LTC/USD has formed a near-term bottom, around the $31-30 price region.
  • Near-term barrier eyed at an above descending trend line, tracking around $33.60-70.
  • Time will tell if this is a solid bounce, or just exhaustion from the bears. 

 

LTC/USD 4-hour chart 

 
 

Spot rate:                  32.78

Relative change:      +4.25%

High:                         33.08

Low:                          30.64

 

Trend:                        Bullish

 

Support 1:                  30.80, near-term bottom area. 

Support 2:                  30.24, daily pivot point support.

Support 3:                  28.97, daily pivot point support.

Resistance 1:             33.60, upper descending trend line.

Resistance 2:             33.89, daily pivot point resistance.

Resistance 3:             36.27, daily pivot point resistance.

 

LTC/USD weekly chart

  • This view still demonstrates the importance of the $30 area holding, or a fast fall would likely be seen, down to $20 territory