THELOGICALINDIAN - Litecoin amount is ascent afresh from the 4500 abutment area adjoin the US Dollar LTC is acceptable to aboriginal breach college and it ability ammunition a beginning access in bitcoin and ETH
Litecoin Price Could Retest $50
Earlier this week, litecoin amount climbed college aloft the $45.00 and $48.00 attrition levels adjoin the US Dollar. However, LTC amount bootless to bright the $50.00 attrition area.
A aerial was formed abreast $49.94 afore the amount started a aciculate downside correction. It bankrupt a few important supports abreast $48.00, but it remained able-bodied bid aloft the 100 simple affective boilerplate (4-hours).
A low is formed abreast $44.58 and the amount is currently rising. Litecoin is trading accurately aloft the $46.50 level. It surpassed the 50% Fib retracement akin of the contempo abatement from the $49.94 aerial to $44.58 low.
There is additionally a above bullish trend band basic with abutment abreast $46.50 on the 4-hours chart of the LTC/USD pair. The brace is now abutting a above attrition abreast the $48.00 akin (the contempo breakdown zone). It coincides with the 61.8% Fib retracement akin of the contempo abatement from the $49.94 aerial to $44.58 low.
A acknowledged breach aloft the $48.00 attrition could atom a beginning run appear the $50.00 resistance. The abutting aloft hurdle for the beasts is abreast the $52.50 level. In the mentioned case, bitcoin could additionally accretion absorption aloft the $9,740 and $9,800 attrition levels.
Fresh Decrease in LTC
If litecoin fails to abide aloft the $48.00 resistance, there is a accident of a beginning decline. On the downside, the aboriginal above abutment is abreast the trend band and $46.50.
The capital abutment is still abreast the $45.00 level. A circadian abutting beneath the $45.00 akin could admit a beginning abatement appear the $41.50 support.
Technical indicators:
4-hours MACD – The MACD is about to move aback into the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI for LTC/USD is currently able-bodied aloft the 50 level.
Major Support Levels – $46.50 followed by $45.00.
Major Resistance Levels – $48.00 and $50.00.
Take advantage of the trading opportunities with Plus500
Risk disclaimer: 76.4% of retail CFD accounts lose money.
