THELOGICALINDIAN - Key Highlights
Litecoin amount bootless to authority gains, and started to fall. It looks like there is a adventitious of a dip appear the $3.00 abutment breadth affective ahead.
Sell Near 100 MA?
I forecasted in yesterday’s column that there is a adventitious that the amount may barter lower and analysis the approach abutment trend band formed on the alternate blueprint (data augment via Bitfinex). The amount did move down, but alike managed to bright the approach abutment area, which afire a downside reaction. If addition followed our idea, afresh I anticipate it’s time to booty profits and delay to access already again. The amount struggled abreast the 100 simple affective boilerplate (hourly blueprint with abstracts augment via Bitfinex), and acclimatized beneath it.
Yesterday, the amount bootless to barter aloft the approach attrition area, which was ancillary with the 38.2% Fib retracement akin of the aftermost beachcomber bottomward from the $3.44 aerial to $3.01 low. There is now a bearish trend band formed on the alternate chart, which is acting as a advertise breadth for sellers. If anyone is attractive to access a advertise trade, again it can be advised abreast the accent bearish trend band on the alternate blueprint (data augment via Bitfinex). However, the 100 MA may additionally abide to arrest gains, and can be apparent as a above barrier. So, we can alike accede affairs abreast the 100 MA. On the downside, attractive at the alternate chart, there is a adventitious of it trading appear the $3.00 area. The declared akin represents a above abutment breadth area buyers prevented losses abounding times earlier.
There were alike bearish signs started to arise on the 2-hours blueprint with the abstracts augment from HitBTC. The amount was adverse a boxy abutment abreast the 100 simple affective average, but somehow sellers managed to affected it. There was a abutting acclaimed beneath the 100 MA (2-hours blueprint with the abstracts augment from HitBTC), which is now acting as a attrition for buyers. There is a achievability that the amount may fasten bottomward to barter abreast a monster abutment trend line, positioned abreast the $3.05 levels. Buyers may arise about the accent trend band and abutment area.
On the upside, the best important attrition breadth can now be about the 100 MA (2-hours blueprint with the abstracts augment from HitBTC), followed by the 38.2% Fib retracement akin of the aftermost bead from the $3.55 aerial to $3.06 low. A breach aloft it may alarm for a move appear $3.35.
Hourly MACD – The MACD is in bearish zone, which is assurance of sellers in control.
Hourly RSI – The RSI is beneath the 50 level, abacus to the concise bearish view.
Intraday Support Level (Bitfinex) – $3.00
Intraday Resistance Level (Bitfinex) – $3.12
Charts from Bitfinex and HitBTC; hosted by Trading View
