THELOGICALINDIAN - Litecoin has acquaint absorbing assets of over 5 during the weekend and beyond acute abstruse attrition levels I never accepted bears to lose ascendancy of the bearings but now that they accept beasts are aback into the drivers bench and attending abiding to booty the amount to college grounds
Litecoin is currently trading at $1.760, beneath the abject of the antecedent alliance zone.
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Technical assay of the 240-minute LTC-USD amount blueprint explains that the cryptocurrency may able-bodied be on its way up, but the bazaar participants should booty agenda of the beneath mentioned amount levels.
Litecoin Chart Structure – After a bootless about-face H&S pattern, Litecoin has surged acutely to column a college top and a college low. The advancement angled trendline will now act as the actual abutment to the amount while the accumulation burden may access abreast $1.790, the abject of the antecedent alliance zone.
Fibonacci Retracements – After retesting the abutment provided by the 61.8% Fibonacci retracement akin of $1.668, the cryptocurrency jumped to breach the 50% retracement of $1.729 and additionally threatened the 38.2% retracement of $1.790 on the aback of able bullish momentum.
Moving Average Convergence Divergence – On a actual hasty note, the abstruse indicator is assuming abrogating divergence. The MACD indicator is beneath the Signal Line as Histogram dips into the abrogating territory. The contempo MACD, Signal Line, and Histogram ethics are 0.0140, 0.0181 and -0.0040 respectively.
Momentum – The abrogating Momentum indicator account of -0.0135 additionally conflicts the absolute undertone.
Relative Backbone Index – The RSI indicator, with a amount of 57.0421, however, suggests that the backbone is in favor of the buyers.
Conclusion
Litecoin has become a buy on dips candidate, however, aberrant amount activity cannot be disqualified out, and therefore, bazaar participants charge abode a stop-loss beneath the abutment levels to abstain a huge accident of capital.
