THELOGICALINDIAN - Key Highlights
Litecoin amount fell added and traded abutting to our final advertise target. Moving ahead, a concise accretion is accessible as the amount is abutting a analytical support.
Target Hit, Now What?
Litecoin amount headed bottomward yesterday, as agent remained in activity and buyers bootless to authority the downside break. Out connected followed bearish trend band on the alternate blueprint (data augment from Bitfinex) connected to play a above role and afire a solid downside move. As can be apparent from the blueprint attached, there were added than 4 attempts to breach the accent trend band and attrition area, but buyers failed.
The aftermost bottomward leg was nasty, as the amount bankrupt the all-important $3.50 abutment and alike traded beneath the $3.40 area. However, there was a aciculate acknowledgment about $3.38 and the amount confused aback higher. It austere the Fib retracement akin of the aftermost bead from the $3.64 aerial to $3.38 low, and looks set for added assets in the abreast term. An antecedent attrition on the upside can be apparent about the 38.2% Fib retracement akin of the aftermost bead from the $3.64 aerial to $3.38. However, the best important one is about the bearish trend line.
The aforementioned trend band is now ancillary with the 100 alternate simple affective boilerplate and 61% Fib retracement akin of the aftermost bead from the $3.64 aerial to $3.38. So, if the amount moves aback higher, sellers are acceptable to booty a angle abreast $3.55.
Looking at the college timeframe blueprint like the 4-hours blueprint with the abstracts augment from HitBTC, it looks like there is a alliance arrangement forming. There is a monster abutment breadth on the downside about $3.50 (data augment from HitBTC), which acted as a hurdle for sellers abounding times. There is a application triangle arrangement basic on the 4-hours chart, which can be advised as a blemish pattern. The amount is aloft the 100 alternate simple affective boilerplate (H4), which is a absolute sign. However, there are abounding resistances on the upside as well, starting with the triangle high trend line. There is additionally a bearish trend band aloft the triangle (connecting all antecedent above beat highs), which may arrest assets if the amount moves higher.
The 4-hours RSI aloof confused beneath the 50 level, which is a admonishing assurance for buyers and should be analyzed anxiously afore attempting a buy trade.
Hourly MACD – The MACD is acerb bearish, and suggesting added losses affective ahead.
Hourly RSI – The RSI is about the oversold readings, pointing appear a concise correction.
Intraday Support Level – $3.45
Intraday Resistance Level – $3.55
Charts from Bitfinex and HitBTC; hosted by Trading View
