LTC/USD inverted head-and-shoulders pattern ignored under $40

Fibo Quantum

  • Litecoin price recovery stalls under $40 as bearish pressure takes over to push towards $30.
  • The confluence levels hint that support at $34.87 and $33.37 is vital to the bulls amid calls to step above $40.

Following the support shattering breakdown on Thursday and Friday, Litecoin price found support at $25. An immediate recovery pulled the price above $30, however, the momentum lost steam under $40. Sideways action took over as the level at $30 stood out as key immediate support (completing the right shoulder of the inverted head-and-shoulders pattern).

Meanwhile, LTC/USD is dancing at $35.19 after suffering a 7.39% loss on the day. Sellers are still the winners and don’t seem to be taking a breather anytime soon. The completion of the inverted head-and-shoulders pattern hinted that Litecoin was getting ready for a massive recovery. However, the slow action towards $40 as well as the prevailing selling activity has thwarted the hopes of seeing LTC/USD above $40 this weekend.

Litecoin price support confluence support and resistance zones

Resistance one: $35.94 – Bollinger Band one-day lower.

Resistance two: $37 – Fibonacci 23.6% one-day.

Support one: $34.84 – BB 15-mins lower and the previous low one-hour.

Support two: $33.37 – Fibonacci 23.6% one-week.

LTC/USD 1-hour chart