THELOGICALINDIAN - Litecoin takes one footfall aback two accomplish forward
A abstruse indicator estimates that Litecoin could be apprenticed for a correction.
Litecoin Technical Analysis
The contempo assemblage that has pushed Litecoin’s amount up about 33 percent back Jan. 3 may anon acquisition an burnout point. Based on the TD consecutive indicator, a retracement may be underway.
This abstruse basis is currently presenting a advertise arresting in the anatomy of a blooming nine on LTC’s 1-day chart. Such a bearish accumulation estimates that this cryptocurrency could cull aback for one to four candlesticks afore continuing its bullish trend.
A fasten in the affairs burden abaft Litecoin could validate the bearish arresting presented by the TD consecutive indicator. Upon confirmation, LTC could attempt to attending for abutment about the 61.8% or the 50% Fibonacci retracement levels. These levels sit at $45.8 and $44, respectively.
A pullback to the 61.8% Fibonacci retracement zone, however, could be apparent as a assurance that Litecoin’s bullish trend would abide healthy. If that is the case, one could apprehend an access in appeal for this crypto about the $45.8 to $44 area. The 61.8% Fibonacci retracement akin is advised as the “golden” retracement breadth due to the aerial anticipation of a rebound.
Despite the concise bearish angle that the TD consecutive indicator presents, an access in the affairs burden about the accepted amount levels could invalidate that. If Litecoin is able to abutting aloft the contempo aerial of $51.8 with abundant volume, it could billow and analysis the 12.72% Fibonacci retracement akin at $56.
Closing aloft this cogent barrier of attrition could access the probabilities for a move up to the 20% Fibonacci retracement akin at $67.4.
Moving Foward
Willy Woo, an on-chain analyst and accomplice at Adaptive Capital, believes that Litecoin’s amount activity could additionally be acclimated as an indicator of area Bitcoin is heading. According to Woo, LTC is arch BTC’s amount at the moment.
Under this premise, if Litecoin is absolutely apprenticed for a alteration it could accompany the accomplished bazaar bottomward with it. However, an access in appeal could attempt the bearish angle and booty this cryptocurrency into college highs.
It is account acquainted that Woo additionally affirmed that Litecoin looks bullish from a abiding perspective.
The analyst declared that the accretion of LTC’s adversity award was a bright arresting that it had entered a new advancement trend. Therefore, any retracement could be interpreted as an befalling to let sideliners aback into the market.
