THELOGICALINDIAN - Key Highlights
Litecoin amount is trading lower with a bearish bias, and it looks like there is a adventitious of a retest of lows about $3.369 (data augment from Bitfinex).
Buyers at $3.369?
Yesterday, I highlighted that there is a achievability that sellers may arise another time and booty the amount lower. The amount did move bottomward Intraday, and currently looks set for added losses in the abreast term. Our advertise abreast the 100 alternate simple affective boilerplate played able-bodied and it’s time to book profits. The accent attrition abreast the 100 alternate simple affective boilerplate (data augment from Bitfinex) fabricated a difference. There is additionally a major bearish trend line on the aforementioned blueprint abutting all contempo beat highs.
The amount altogether bootless abreast the 61.8% Fib retracement akin of the aftermost bead from the $3.53 aerial to $3.36 low, and traded lower. There is now addition accessory bearish trend band formed on the alternate chart, which may act as a concise attrition for buyers. As continued as the amount is beneath the lower bearish trend line, there is a adventitious of it trading appear the aftermost beat low of 3.369. It would be absorbing to see whether buyers booty a angle abreast the declared akin or not. A breach beneath it may alarm for a move appear the $3.30 area.
On the added hand, if buyers fabricated an attack to booty the amount higher, again an antecedent attrition can be about the aboriginal bearish trend line. It is additionally colliding with the 50% Fib retracement akin of the aftermost bead from the $3.53 aerial to $3.36 low. Only a breach aloft it could booty the amount appear the 100 MA and the high bearish trend line.
The 2-hours blueprint with the abstracts augment from HitBTC is suggesting that there is a monster abutment abreast the $3.50 area. There were abounding attempts to breach the mentioned abutment area, but every time sellers bootless to breach it and booty the amount down. There is additionally an accretion triangle formed on the 2-hours chart, which may act as a agitator for the abutting move in the abreast term. On the upside, we should accumulate an eye on the 100 simple affective boilerplate ancillary with the 61.8% Fib retracement akin of the aftermost bead from the $3.659 aerial to $3.50 low. It may comedy a above role and can be apparent as a advertise area.
2-hours MACD – The MACD confused to the bearish slope, and signaling weakness.
2-hours RSI – The RSI is beneath the 50 level, which is a assurance that sellers are aggravating to booty the amount down.
Intraday Support Level (Bitfinex) – $3.36
Intraday Resistance Level (Bitfinex) – $3.44
Charts from Bitfinex and HitBTC; hosted by Trading View
