Litecoin Price Technical Analysis – Initial Sell Target Achieved

[Blawpaw]

Litecoin Price Technical Analysis For 12/01/2016– Initial Sell Target Achieved

Litecoin price – after finding bids near the $3.50 support area – traded higher earlier, but yesterday sellers managed to take the price down. There was a bearish trend line on the hourly chart (data feed from Bitfinex), as highlighted in yesterday’s post. The trend line and resistance area played well and stalled an upside break in Litecoin price. There was a solid resistance confluence area formed near $3.557, which acted as a barrier and ignited a short-term bearish rally.

See the charts:

http://www.newsbtc.com/2016/01/12/litecoin-price-technical-analysis-for-12012016-initial-sell-target-achieved/