THELOGICALINDIAN - Key Highlights
Litecoin amount afterwards surging college begin sellers, and the $3.50-55 levels acted as a absolute attrition to burn a concise correction.
Can Trend Line Hold?
Yesterday, I accent that the amount surged higher, but may face sellers abreast a major attrition breadth of $3.50-55. The declared akin was dedicated successfully, as the amount started to actual down. We can see it the accent abortion was actual important, demography the amount down. The amount alike traded a few credibility beneath the 38.2% Fib retracement akin of the aftermost beachcomber up from the $2.97 low to $3.44 high. Now, attractive at the alternate blueprint with the abstracts augment from Bitfinex, there is a bullish trend band formed.
The accent trend band and abutment breadth may comedy a key role in the abreast term, and may burn the abutting move. The amount is currently testing the 50% Fib retracement akin of the aftermost beachcomber up from the $2.97 low to $3.44 high. A breach beneath the trend band and abutment breadth may alarm for added losses in the abbreviate term. The abutting akin that can be activated in that bearings could be the 76.4% Fib retracement akin of the aftermost beachcomber up from the $2.97 low to $3.44 high. The capital affair to agenda is the actuality that the 100 alternate simple affective boilerplate is aloof aloft the declared fib level.
So, we can accede the trend band and abutment breadth as a above barrier for buyers, and if they accomplish in breaking it, again sellers may accretion control. Looking at the 2-hours blueprint with the abstracts augment from HitBTC, there was a bearish trend line, which acted as a attrition and adjourned gains. The accent trend band and attrition breadth was ancillary with the $3.50-55 levels, which agency it was a absolute abortion calling for a correction.
Now, we charge to see whether the accepted beachcomber is a alteration or a trend change. The amount additionally activated the 76.4% Fib retracement akin of the aftermost bead from the $3.65 aerial to $2.99 low and reversed. However, there is one absolute assurance for buyers, as the amount is captivation the 100 simple affective boilerplate (2-hours blueprint with the abstracts augment from HitBTC). So, we charge to accumulate a abutting eye on the 100 MA to apperceive which way the amount may arch abutting in the abbreviate term. A breach beneath it may alarm for added losses.
Hourly MACD – The MACD is about to change the abruptness to the bullish zone, suggesting an up-move ahead.
Hourly RSI – The RSI is beneath the 50 level, which is admonishing assurance for buyers.
Intraday Support Level (Bitfinex) – $3.16
Intraday Resistance Level (Bitfinex) – $3.35
Charts from Bitfinex and HitBTC; hosted by Trading View
