THELOGICALINDIAN - Key Highlights
Litecoin amount bootless to barter higher, as the 100 alternate simple affective boilerplate adjourned gains. More losses are acceptable as sellers abide in control.
Sell Near Trend Line?
We were looking for a buy opportunity bygone if buyers administer to bright an important attrition breadth abreast $3.10. However, there was no upside reaction, and as anon as the amount started trading lower, sellers afresh managed to booty control. There was a application triangle formed on the 30-min blueprint with the abstracts augment from HitBTC, which was breached yesterday. Buyers bootless to booty the amount higher, and as a result, there was a downside move demography the amount aback beneath $3.0.
There was a absolute abortion acclaimed about the 23.6% Fib retracement akin of the aftermost bead from the $3.65 aerial to $2.99 low. It looks like buyers bootless miserably to barter higher, as the 100 simple affective boilerplate additionally played its allotment able-bodied in blame the amount down. The RSI (30-min blueprint with the abstracts augment from HitBTC) is beneath the 50 level, and pointing added losses in the abbreviate term. To add aloft all, the MACD is additionally in the bearish zone, suggesting buyers are disturbing to authority the ground. So, attractive at the 30-min blueprint with the abstracts augment from HitBTC it looks like the amount may be awash aggressively if it trades aback appear the 100 MA.
Looking at the alternate blueprint with the abstracts augment from Bitfinex, there is a bearish trend band formed, which is accouterment sellers addition acumen to booty the amount down. The 23.6% Fib retracement akin of the aftermost bead from the $3.51 aerial to $2.90 low is accumbent with the 100 alternate simple affective boilerplate at $3.03. So, it is safe to say that the declared akin represents a aloft attrition for buyers and alarm for a bottomward move. The abutting abutment breadth on the downside is about the aftermost beat low of $2.90. On the upside, a breach aloft the 100 alternate MA, and the accent trend band attrition is bare if buyers accept to booty the amount higher.
A breach aloft the trend band attrition may booty the amount appear the 38.2% Fib retracement akin of the aftermost bead from the $3.51 aerial to $2.90 low. Any added assets assume to be bound because the accepted bazaar affect for litecoins. Overall, attending for a advertise as continued as the amount is beneath the 100 MA.
Hourly MACD – The MACD is in the bearish zone, suggesting added losses ahead.
Hourly RSI – The RSI is beneath the 50 level, which is a bearish sign.
Intraday Support Level (Bitfinex) – $2.90
Intraday Resistance Level (Bitfinex) – $3.03
Charts from Bitfinex and HitBTC; hosted by Trading View
