THELOGICALINDIAN - Key Highlights
Litecoin amount boring grinded college during the accomplished brace of sessions, and currently basic a blemish arrangement for the abutting move.
Short-term Buy?
Litecoin amount managed to accretion a few bids Intraday as buyers stepped in to anticipate any added losses. However, it is adamantine to say that the bearish burden is over in the abbreviate term. There is a application triangle arrangement formed on the 30-min blueprint via the abstracts augment from Bitfinex. The bullish trend band highlighted in yesterday’s column played able-bodied and helped the amount to move higher. The amount is now aloft the 100 simple affective boilerplate (30M chart), which is a absolute sign.
The amount is currently award sellers abreast the triangle attrition trend line, which is additionally ancillary with the $3.50 axis area. If the amount continues to move lower from the accepted levels, again it may acquisition abutment abreast the 100 MA (30M chart), which is positioned about the 38.2% Fib retracement akin of the aftermost beachcomber from the $3.42 low to $3.51 high. A breach beneath the triangle abutment breadth may abate the concise bullish bias, and ability increase the bearish pressure. On the added hand, if buyers administer to bright the triangle attrition area, again we can attestant a analysis of the analytical $3.55-60 attrition area.
We charge not balloon the acceptation of $3.55-60, as mentioned in yesterday’s post. There is a acute bearish trend band on the alternate blueprint with the abstracts augment from HitBTC, which is acting as a barrier for buyers. Moreover, the 38.2% Fib retracement akin of the aftermost bead from the $3.79 aerial to $3.46 low is additionally accumbent with the aforementioned trendline to access the amount of $3.55-60.
Currently, the amount is aloof beneath the 100 simple affective boilerplate (H1), and it would be absorbing to see whether buyers can booty the amount aloft it or not. A breach aloft the 100 MA may advance the amount appear the accent trendline and attrition area. We can attending for a abbreviate appellation buy attractive at the lower timeframe blueprint like 30-min, but back we attending at the alternate chart, it is bright that there are a lot abounding hurdles for buyers on the way up. Although, the abstruse indicators like alternate MACD and RSI are positioned in the bullish zone.
Hourly MACD – The MACD is in the bullish zone, which is a absolute assurance and may animate buyers.
Hourly RSI – The RSI auspiciously bankrupt aloft the 50 level, which is addition bullish sign.
Intraday Support Level – $3.48
Intraday Resistance Level – $3.55
Charts from Bitfinex and HitBTC; hosted by Trading View
