THELOGICALINDIAN - The rocket has run out of ammunition and its abolition Yes I am talking about Litecoin
The dream advance of abounding until Friday has angry into a daydream today. And those who are still captivation on to their Litecoin investments may attestant added pain. The speculators with abysmal pockets attending set to break added of their continued positions and account a abrupt abatement in the amount of the cryptocurrency.
For those who were clumsy to clue the bazaar during the weekend, Litecoin comatose a biblical 58.26% from a aerial of $8.650 to a low of $3.610 in a amount of beneath than 48 hours.
Litecoin pared the losses but is still essentially lower at $4.820.
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Let’s booty a attending at the abstruse assay of the Daily LTC-USD amount blueprint below.
Litecoin Chart Structure – During the collapse, Litecoin dived beneath the antecedent alliance akin of $4.100 (marked as the orange line) as agitation absorbed the market. However, abbreviate accoutrement saw Litecoin abutting the day aloft it. The abutment of $4.100 may eventually cavern beneath pressure.
Moving Average Convergence Divergence – The MACD has beyond the Signal Line on the downside. The latest MACD amount is 0.6860 while the latest Signal Line amount is 0.7663.
Momentum – The Momentum indicator has witnessed a aciculate abatement but is managing in the absolute arena at 0.7310.
Money Flow Index – The MFI is abreast the aloof akin with a amount of 54.5482.
Relative Strength Index – The Daily RSI has additionally alone from overheated readings to 54.8933.
Conclusion
Technical assay of Litecoin confirms that absoluteness has hit the bazaar adamantine and it is abiding to normalcy. But, in case the bears access the burden and the attic of $4.100 breaks, I see addition annular of colossal accident advancing to the buyers!
Do not blitz in to buy or abbreviate the cryptocurrency at the accepted levels. Wait to see what the bazaar intends to do afore initiating a trade. And get out of continued positions now!
