THELOGICALINDIAN - Key Highlights
Litecoin amount is disturbing to achieve aloft the 100 alternate MA, and it looks like there ability be a concise dip afore it acquisition buyers already again.
Test of approach support?
There were a few absolute signs for Litecoin price this accomplished week, as it managed to move college afterwards trading as low as $3.01. The amount has now formed an ascendance approach arrangement formed on the alternate blueprint (data augment via Bitfinex), which is acting as a mover for the price. However, the amount is disturbing to breach the approach attrition trend line, as is it acting as a boxy barrier for buyers. There is addition barrier on the upside for the price, as the 100 alternate simple affective boilerplate is accumbent beneath the approach high trend line.
The amount struggled on abounding occasions to breach college and barter aloft the 100 MA. There is a adventitious that the amount may move bottomward and analysis the approach abutment trend line. In that situation, it would be absorbing to see whether buyers can anticipate a breach about the approach abutment or not. A breach beneath the abutment trend band may alarm for added losses that could advance the amount appear the aftermost beat low of $3.01. On the upside, the 38.2% Fib retracement akin of the aftermost beachcomber bottomward from the $3.44 aerial to $3.01 low additionally charcoal a affair for buyers. The declared fib akin is positioned with the approach attrition trend line. So, it may act as a above hurdle for buyers in the abbreviate term.
A breach aloft the approach attrition trend band may accessible the doors for a move appear the 61.8% Fib retracement akin of the aftermost beachcomber bottomward from the $3.44 aerial to $3.01 low. If we attending at the 2-hours blueprint with the abstracts augment from HitBTC, again the amount is aloft the 100 simple affective average. There are abounding absolute signs on the 2-hours chart, as the amount additionally acclimatized aloft the 38.2% Fib retracement akin of the aftermost bead from the $3.55 aerial to $3.06 low.
The 2-hours MACD is in the bullish zone, and the RSI is aloft the 50 level. Both calling for added assets in the abreast term. Buyers charge to bright the 50% Fib retracement akin of the aftermost bead from the $3.55 aerial to $3.06 low. On the upside, the best important attrition is about a bearish trend line. On the downside, there is a bullish trend band formed that may act as a buy area.
Hourly MACD – The MACD is in bearish zone, which is calling for a accessory dip.
Hourly RSI – The RSI is beneath the 50 level, which is addition bearish sign.
Intraday Support Level (Bitfinex) – $3.10
Intraday Resistance Level (Bitfinex) – $3.20
Charts from Bitfinex and HitBTC; hosted by Trading View
