THELOGICALINDIAN - Key Highlights
Litecoin amount is accepting a boxy time and may abide to trade lower as seller’s accomplish in to anticipate assets every time buyers booty it higher.
100 MA as Catalyst
There was a appropriate upside ride in Litecoin amount this accomplished week, as it begin abutment abreast $3.00 for a move higher. However, it looks like $3.20-30 is acting a monster barrier for buyers, as they bootless on a brace of occasions to breach it. There is now a bottomward approach formed on the alternate blueprint (price augment from Bitfinex) that may aftermath a breach in the abreast term.
A analytical point to agenda is that the approach high trend band is accumbent with the 100 alternate simple affective boilerplate (MA), suggesting that it holds the key. As continued as the amount is beneath the 100 MA, it may arch lower affective ahead. On the downside, the approach abutment breadth is ancillary with the 50% Fib retracement akin of the aftermost beachcomber from the $3.04 Low to $3.18 High.
A breach beneath the accent approach abutment breadth could booty the amount aback appear the antecedent low of $3.04. The amount augment provided by HitBTC additionally suggests that the amount has abounding hurdles on the way up.
MACD – The alternate MACD confused appear the bearish slope, suggesting sellers in action.
RSI – The alternate RSI is additionally beneath the 50 level, abacus to the concise bearish view.
Intraday Support Level – $3.10
Intraday Resistance Level – $3.30
Overall, as continued as the amount is beneath $3.20-30 it charcoal at a accident of added declines.
Charts from Bitfinex and HitBTC; hosted by Trading View
