THELOGICALINDIAN - Key Highlights
Litecoin amount confused a few credibility lower to fulfil our advertise target, but it would be actual adamantine to say that the amount is in a bearish trend.
$3.50 as a Support Area
Litecoin amount – afterwards award bids abreast the $3.50 abutment breadth – traded college earlier, but bygone sellers managed to booty the amount down. There was a bearish trend band on the alternate chart (data augment from Bitfinex), as accent in yesterday’s post. The trend band and attrition breadth played able-bodied and adjourned an upside breach in Litecoin price. There was a solid attrition assemblage breadth formed abreast $3.557, which acted as a barrier and afire a concise bearish rally.
The 100 alternate simple affective boilerplate (data augment from Bitfinex) forth with the 50% Fib retracement akin of the aftermost bead from the $3.64 aerial to $3.47 low formed a assemblage breadth abreast the trend band resistance. The declared assemblage breadth altogether prevented assets and pushed the amount lower. An antecedent ambition of $3.50 was achieved, and now sellers accept to be actual accurate as the mentioned breadth represents a above abutment area. It acted as a attrition and abutment abounding times, so it won’t be accessible for sellers to breach it. So, that is a acumen why we can alike attack a baby buy barter near the $3.50 abutment area.
If we attending at the alternate blueprint with the abstracts augment from HitBTC, again there is a application triangle formed. The amount is currently disturbing to breach the triangle attrition trend line. The 100 alternate simple affective boilerplate is affective central the triangle and the amount is trading aback and forth. The triangle attrition trend band is additionally ancillary with the 76.4% Fib retracement akin of the aftermost bead from the $3.72 aerial to $3.48 low.
So, a breach aloft the triangle attrition breadth is bare for added assets in the abreast term. And, a breach aloft the 76.4% Fib retracement akin of the aftermost bead from the $3.72 aerial to $3.48 low could accessible the doors for a abounding analysis of the aftermost beat aerial of $3.72. On the downside, if the amount closes beneath the 100 alternate simple affective average, again the triangle abutment breadth may be activated breadth buyers could attack to stop losses. A breach and abutting beneath the triangle abutment breadth may alarm for added losses and may booty the amount appear the $3.48 level.
Hourly MACD – The MACD is about to change the abruptness to bullish zone, which is a absolute sign.
Hourly RSI – The RSI is aloft the 50 level, suggesting buyers may try to booty the amount higher.
Intraday Support Level – $3.50
Intraday Resistance Level – $3.55
Charts from Bitfinex and HitBTC; hosted by Trading View
