THELOGICALINDIAN - Litecoin has witnessed a lot of amount reductions over the accomplished three canicule due to a cogent alteration which is authoritative the bears accretion ascendancy of the market
However, a bullish footfall aback is accepted for LTC, already it climbs aback aloft $60 amount level, although the $61 attrition is an capital akin for the abutting bullish appearance on the alternate chart.
Litecoin (LTC) Price Analysis
Following November 10, bounce at $66, Litecoin has remained in a bottomward range. The latest bearish book has caused LTC to barter central a bottomward wedge, but the amount is now sitting on the lower abuttals of the wedge.
Therefore, a retracement could be underway to the high abuttals of the block at $60. A breach aloft the block could acquiesce the beasts to achieve ascendancy of the market. This could accompany the abutting attrition levels at $62, followed by a appropriate assemblage to $64.6 attrition levels.
Litecoin is currently captivation abreast abutment at $58. This abutment could become anemic if we abide to attestant a adverse amount drop.
However, we may charge to accumulate an eye on the $57 and $56 supports in the abutting beat low. Additionally, Litecoin is still assuming a bullish assurance on the circadian chart.
Litecoin to Enter the Bullish Trend
The bazaar anatomy looks bullish on the college time frame, but, the lower time anatomy is currently suggesting a bearish approach for Litecoin.
Meanwhile, the aftermost three days’ bottomward administration is aloof a assurance of a baby pullback on the circadian chart. We can apprehend a bullish assiduity in the abutting brace of days. Otherwise, we may abide to see a abatement until Litecoin finds basic abutment for a rebound.
Technical Indicator Reading:
Hourly RSI (Relative Strength Index) – The RSI for Litecoin has alone to the acutely oversold arena but has recovered a bit to the 30 levels.
Hourly MACD (Moving Average Convergence and Divergence) – The MACD for Litecoin is currently abrogating to appearance a bearish momentum
Key attrition levels: $60, $62, $64.6
Key abutment levels: $58, $57, $56
