THELOGICALINDIAN - A bearish abstruse analysis presents a chancy buy opportunity
Litecoin / USD Short-term amount analysis
Litecoin has a bearish concise bias, with the LTC / USD brace trading able-bodied beneath its 200-period affective boilerplate on the four-hour time frame.
The four-hour time anatomy is assuming that sellers accept now triggered a arch and amateur arrangement into action, with the LTC / USD brace captivation beneath the neckline of the bearish pattern.
Key accessible attrition is amid at the $99.00 and $107.00 levels.
Technical indicators on the four-hour time anatomy abide to point lower, although they abide acutely oversold.
Pattern Watch
Traders should agenda that the bearish arch and amateur patterns is highlighting the $60.00 akin as a accessible downside target.
Relative Strength Index
The Relative Strength Indicator on the four-hour time anatomy is bearish and continues to barter in oversold territory.
MACD Indicator
The MACD indicator is bearish on the four-hour time frame, although it is now acutely oversold.
Litecoin / USD Medium-term amount analysis
Litecoin has a aloof medium-term trading bias, with the cryptocurrency binding aback appear its trend defining 200-period affective average.
The circadian time anatomy shows that the abstruse dynamics accept now confused in favor of sellers, with amount creating bearish lower highs and lower lows.
Key abstruse abutment for the LTC / USD brace on the circadian time anatomy is currently begin at the $84.00 and $73.00 levels.
Technical indicators on the circadian time anatomy are still blame lower and abide to affair a able advertise signal.
Pattern Watch
Traders should agenda that a aperture of the May 17th trading low could abet a above abstruse analysis of the LTC / USD brace 200-day affective average.
Relative Strength Index
The Relative Strength indicator on the circadian time anatomy is still bearish, although it is now trading in oversold territory.
MACD Indicator
The MACD indicator charcoal bearish on the circadian time anatomy and continues to affair a advertise signal.
Conclusion
Litecoin charcoal beneath astringent abstruse burden in the short-term, with the cryptocurrency now trading beneath the neckline of a bearish arrangement that has yet to ability its abounding downside target.
A abeyant abstruse analysis of the LTC / USD pair’s 200-day affective boilerplate over the advancing trading sessions could present medium-term beasts with an accomplished risk-reward entry.
Check out our bread guide for an addition to Litecoin.
We additionally wrote a DARE for the project, allegory the approaching affairs of the Bitcoin competitor.
