THELOGICALINDIAN - Key Highlights
Litecoin amount assuredly showed a few signs of life, as there was a nice upside assemblage proving that how basic the $3.00 abutment breadth is for buyers.
$3.50-60 as Resistance
Earlier this week, we were looking for a buy opportunity, which looks like angry abounding yesterday. A solid breach college is consistently a abundant assurance that buyers are dispatch in and it’s time for a rally. A agnate book happened yesterday, as there was a application triangle arrangement formed on the 2-hours blueprint with the abstracts augment from HitBTC, which was burst by buyers to accessible the doors for added assets in the abreast term. The upside ride was actual strong, and attractive at the chart, it looks like there ability be added upsides larboard in the abbreviate term.
The best allotment is the actuality that the amount acclimatized aloft the 100 simple affective boilerplate (2-hours blueprint with the abstracts augment from HitBTC), and additionally austere the 61.8% Fib retracement akin of the aftermost bead from the $3.65 aerial to $2.99 low. The amount is currently trading abreast a monster attrition breadth at $3.50-55. The declared akin acted as a abutment on abounding occasions beforehand (as apparent in the chart), and now acting as a barrier for buyers. The 76.4% Fib retracement akin of the aftermost bead from the $3.65 aerial to $2.99 low is additionally positioned about the aforementioned area. We charge to see whether buyers can administer to bright it or not. In such cases there is consistently a adventitious of a accessory alteration afore buyers accomplish addition attack to bright a above attrition area.
When we move bottomward to the lower timeframe and assay the alternate blueprint with the abstracts augment from Bitfinex, again we can apprehension that the amount bankrupt a bearish trend band for a rally. The breach was actual critical, as the amount acclimatized aloft the 100 simple affective boilerplate (hourly blueprint with the abstracts augment from Bitfinex). The amount adjourned abreast $3.45 area, and it looks like it is basic a antidotal structure. If it is true, the amount may move bottomward and correct.
On the downside, an antecedent abutment can be about the 23.6% Fib retracement akin of the aftermost beachcomber up from the $2.97 low to $3.44 high. However, the amount may alike actual added to analysis the 50% Fib retracement akin of the aftermost beachcomber up from the $2.97 low to $3.44 aerial area one ability accede affairs in the abbreviate term.
Hourly MACD – The MACD is about to change the abruptness to the bearish zone, calling for a accessory correction.
Hourly RSI – The RSI is about the overbought conditions, which is addition assurance or a correction.
Intraday Support Level (Bitfinex) – $3.30
Intraday Resistance Level (Bitfinex) – $3.50
Charts from Bitfinex and HitBTC; hosted by Trading View
