THELOGICALINDIAN - Key Highlights
Litecoin amount dived already afresh as sellers acquired control. It is now trading abreast a analytical abutment breadth which charge authority affective ahead.
100 MA as Resistance
It looks like the upside ride was short-lived, as buyers bootless miserably to authority gains. There was a aciculate downside acknowledgment in Litecoin price, as it traded bottomward and alike managed to bright the 100 simple affective average on the alternate blueprint (data augment via Bitfinex). The amount traded as low as $3.01 area somehow buyers managed to anticipate any added weakness. There was a banderole arrangement formed afore the amount burst later. The amount circumscribed in a range, and afresh confused lower already again. The best important point to agenda actuality is that the amount is now beneath the 100 alternate simple affective average, which can be apparent as a assurance that sellers are in control.
If the amount manages to actual college from the accepted levels, again an antecedent attrition on the upside can be about the 23.6% Fib retracement akin of the aftermost bead from the $3.31 aerial to $3.01 low. The declared fib akin additionally coincides with the burst banderole abutment trend line. So, there is a adventitious that sellers may arise about the 23.6% Fib akin as accent in the chart. If somehow there are added gains, again the abutting attrition breadth could be about the 50% Fib retracement akin of the aftermost bead from the $3.31 aerial to $3.01 low.
The mentioned fib akin holds a lot of importance, and the acumen is that the 100 simple affective boilerplate on the alternate blueprint (data augment via Bitfinex) is additionally positioned about it. In short, the 100 MA can be apparent as a advertise area affective ahead. When we assay the 2-hours blueprint with the abstracts augment from HitBTC, again we will apperceive how able the bearish burden is on Litecoin price. The amount traded beneath the all-important 100 simple affective boilerplate (2-hours blueprint with abstracts augment from HitBTC).
The amount afterwards diving begin abutment abreast a aloft bullish trend line, which we accept been afterward for canicule now. The aforementioned trend band may accomplish a lot of aberration for Litecoin amount in the abbreviate term. As continued as the amount is aloft the trend band abutment area, there is a adventitious that the amount may animation back. On the added hand, a breach beneath it could alarm for added losses in the abreast term.
Hourly MACD – The MACD is in the bearish zone, suggesting added losses are on the cards.
Hourly RSI – The RSI is about the oversold readings, calling for a concise correction.
Intraday Support Level (Bitfinex) – $3.00
Intraday Resistance Level (Bitfinex) – $3.08
Charts from Bitfinex and HitBTC; hosted by Trading View
