THELOGICALINDIAN - It alone gets bigger for the abbreviate sellers In my yesterdays assay Fall from Grace I had mentioned that the abatement may aggravate to 1590 and Litecoin has affected 1562 back the antecedent ascertainment The cryptocurrency has now alone to a acute akin beneath which I apprehend a accelerated abatement in the bazaar cap
Litecoin is currently trading bottomward 2.2% at $1.633.
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Things attending acutely awkward for the Litecoin beasts on the 240-minute LTC/USD amount chart, carrying that bazaar participants should accede it alone as a advertise on acceleration candidate.
Litecoin Blueprint Structure – Litecoin’s bead briefly pushed it beneath the trendline fatigued from the antecedent two peaks (the accumbent dejected band in the blueprint above) but bankrupt aloft it. The near-term abutment akin is now $1.594 while the akin of $1.690 will prove to be a burden point.
Fibonacci Retracement – Crucial Fibonacci abutment levels abide to get challenged and breached. After breaking the 61.8% Fibonacci retracement level, beasts approved to compensate the losses but instead, they bootless miserably in alike captivation their ground. As a result, Litecoin fell to the 76.4% retracement akin of $1.593.
Moving Average Convergence Divergence – The MACD and the Signal Line are clumsy to about-face their direction, afterward a connected abatement in the Litecoin price. The latest MACD and Signal Line ethics are -0.0524 and -0.0436, respectively.
Momentum – The Momentum indicator has retested the -0.2024 level, and jumped to -0.0521.
Relative Backbone Index – The basal backbone indicator conveys that the cryptocurrency is currently out of the oversold region; the latest RSI account is 31.8078.
Conclusion
I am assured Litecoin to abolish all the assets of this assemblage and arch bottomward to $1.470 this week. However, I will delay for a acceleration up to $1.670 to go abbreviate in this counter. Maintain a austere stop-loss aloft $1.690. Position your trades befitting the animation in mind!
