THELOGICALINDIAN - Key Highlights
Litecoin amount is acceptable basic an changed arch and amateur pattern, which may animate buyers to booty it college affective ahead.
Inverse Head and Shoulders Pattern
Litecoin amount attempt continues to breach the $3.40 attrition area. However, there is an auspicious aspect, as there is an changed arch and amateur arrangement basic on the alternate blueprint (price augment from HitBTC). The amount is additionally aloft the 100 simple affective boilerplate (SMA), adding to the bullish amount in the abbreviate term. A breach aloft $3.40 may accessible the doors for added assets affective ahead.
If the amount moves South to the accepted levels, again the 100 SMA may appear into accomplishment and anticipate the downside. Any added losses may invalidate the changed arch and amateur arrangement and could booty the amount aback appear $3.00.
Looking at the amount augment from Bitfinex, there was a bearish trend band formed on the alternate chart, which was burst recently. The burst trend band is now accumbent with the 100 SMA, suggesting it may act as a abutment breadth if amount corrects lower from the accepted levels.
MACD – The alternate MACD is converging, i.e. a arresting of a accessory leg down, and its amount lies is in the absolute territory.
RSI – The alternate RSI is traveling aloft the 50, acknowledging the appearance of assets in the abreast term.
Intraday Support Level – $3.30
Intraday Resistance Level – $3.40
Our appearance is in abutment of entering a continued barter aloft $3.40, as continued as the 100 SMA holds.
Charts from Bitfinex and HitBTC; hosted by Trading View
