THELOGICALINDIAN - Key Highlights
Litecoin amount attempt to accretion absorption continued, and as a aftereffect there was a downside acknowledgment demography the amount beneath a concise abutment area.
Price to Continue Trading Lower?
Litecoin amount bygone struggled to break a application triangle pattern formed on the 30-min blueprint via the abstracts augment from Bitfinex. Our abstraction of a concise buy did not assignment out, as the amount never managed to achieve aloft the application triangle. In fact, our abstraction of selling with a breach worked, as the amount traded beneath the abutment trend band of the triangle and confused appear the $3.44 level. An important point to agenda is that the amount retested the burst triangle trend band area it begin sellers for a downside move. It can be apparent as a absolute archetype of a abutment acting as a attrition already broken.
The amount alike activated the 61.8% Fib retracement akin of the aftermost beachcomber from the $3.51 aerial to $3.44 low but bootless to sustain momentum. It is trading abreast the 100 simple affective boilerplate (30M chart), and attempting to abutting aback aloft it. Let’s see whether buyers accomplish or not. If they fail, afresh the amount may about-face bottomward already afresh and could alike breach the contempo low of $3.44. The abutting abutment breadth on the downside is about the $3.40 level. On the upside, a breach aloft the 100 MA (30M chart) could advance the amount appear the 76.4% Fib retracement akin of the aftermost bead from the $3.51 aerial to $3.44 low.
If we attending at the college time frame, there is a monster triangle arrangement basic on the 2-hours blueprint with the abstracts augment from HitBTC. The amount is currently trading abreast the triangle abutment breadth and disturbing to authority it, as it is beneath the 100 simple affective boilerplate (H2 chart). A breach beneath the triangle abutment breadth could be actual awful and may accessible the doors for added losses in the abreast term.
On the upside, an antecedent attrition is about the 23.6% Fib retracement akin of the aftermost bead from the $3.79 aerial to $3.46 low, which is positioned with the 100 MA (H2 chart). If there is a move aloft the 100 MA, again the abutting akin of absorption could be about the triangle attrition trend line, ancillary with the 38.2% Fib retracement akin of the aftermost bead from the $3.79 aerial to $3.46 low.
2-hours MACD – The 2-hours MACD is in the bearish zone, which is a assurance that sellers are in control.
2-hours RSI – The RSI is additionally beneath the 50 level, signaling the achievability of a downside breach in the abbreviate term.
Intraday Support Level – $3.44
Intraday Resistance Level – $3.50
Charts from Bitfinex and HitBTC; hosted by Trading View
