THELOGICALINDIAN - Litecoin avalanche 147 percent to 3075 afterwards kissing the attrition at 3130 In the antecedent Litecoin amount abstruse assay we said that Litecoin could leapfrog to college levels on constant abutment from the buyers but what we accept got instead is a bender of accumulation booking which already pulled bottomward the amount to an intraday low of 3050
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But can this abatement prove baleful to Litecoin? Will the acute abutment of $3.000 be breached? Let us try to acquisition that out by administering a abstruse assay on the circadian LTC-USD amount chart.
Litecoin Blueprint Structure – As can be seen, the college top, college basal blueprint anatomy still holds for Litecoin. The 9-day SMA has been acknowledging the cryptocurrency for a ample time now, and therefore, it holds able acceptation from a trading perspective. The accepted 9-day SMA is $3.0624. Another abutment that is accepted to absolute any abeyant or apparent accident is at $3.000.
Moving Average Convergence Divergence – The MACD, the Signal Line and the Histogram are all in the absolute territory. MACD has a amount of 0.0383, Signal Line has a amount of 0.0240 and the Histogram has a value of 0.0143.
Momentum – The Momentum amount has alone to 0.0779 afterward the bearish bias.
Money Flow Index – The MFI has additionally succumbed to 46.3011.
Relative Strength Index – The latest 14-day RSI amount is 55.8178.
Conclusion
Litecoin weakens as traders book profits abreast the attrition level. Contributing partly to this weakness is the falling Bitcoin price.
With time, the trading ambit is alone accepting narrower, and therefore, a blemish will appear sooner. However, if beasts abide to accord abroad the advantage, again the anticipation of a breakdown increases by a huge magnitude.
Keep a bound stop-loss aloof south of $3.000 for any and all continued trades. Create abbreviate positions if bazaar pierces this level.
