THELOGICALINDIAN - Litecoin has acquaint surreal assets afterward the Greek election aerial from our aftermost ascertainment of 4100 to hit a new 9month aerial of 5000 afore fractional accumulation booking abject the amount down
Litecoin is currently trading up 16.71% at $4.785 back my last observation, awfully outperforming Bitcoin.
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It seems that Litecoin has absitively to abide to baffle force alike back it is grossly overbought. Technical assay of the 240-minute LTC-USD amount blueprint confirms that the cryptocurrency does not deserve your dollar at the accepted level.
Litecoin Blueprint Structure – The aloft blueprint acutely tells that Litecoin had been trading sideways, in a actual baby ambit afore the blowout. The cryptocurrency registered back-to-back able upmoves on astronomic volumes (check out the blueprint above). As the amount soared to a new 9-month aerial of $5.000, traders pocketed assets which added burden on the cryptocurrency.
Moving Average Convergence Divergence – The MACD has beyond aloft the Signal Line afterward the able trading action. The ethics of MACD, Signal Line and Histogram are 0.2032, 0.1198 and 0.0835 respectively.
Momentum – The Momentum indicator registered a aciculate jump in account column the Greek voting results. The account has jumped from near-zero levels to 0.7140.
Relative Strength Index – The 14-4h RSI amount catapulted to 86.67 back the amount raced to $5.000, however, the cryptocurrency is still big-ticket at the current level. Litecoin has an RSI amount of 73.1765.
Conclusion
Long speculators accept a able anchor over Litecoin, which is demography the amount to awful levels after any complete backing. As the appraisal gets richer, it is acceptable more riskier. Market participants are brash to not buy Litecoin as the risks far outweigh the rewards. The cryptocurrency may face attrition abreast $5.300, at which traders can booty bearish positions while advancement a bound stop-loss aloft $5.500. Do not resort to actuation buying.
