THELOGICALINDIAN - Key Highlights
Litecoin amount is currently attempting a recovery, but it looks like it won’t be accessible for buyers to booty the amount aback up as sellers abide in charge.
Retest of $2.90?
Litecoin amount suffered abundant losses this accomplished week, as it traded bottomward and analysis the $3.0 handle. There was alike a breach beneath the declared level, signaling that there is a lot of bearish burden on the price. Looking at the alternate blueprint with the abstracts augment from Bitfinex, the amount traded as low as $2.90 afore starting a recovery. The amount managed to bright the 23.6% Fib retracement akin of the aftermost bead from the $3.51 aerial to $2.90 low. However, there was no absolute appearance of backbone by buyers as they struggled to booty the amount aloft the $3.10 level.
The amount bootless aloof beneath the 38.2% Fib retracement akin of the aftermost bead from the $3.51 aerial to $2.90 low, and started to barter aback lower. There is a bullish trend band formed on the alternate blueprint (data augment from Bitfinex), which acted as a accessory abutment breadth for the amount on the downside. However, it looks like the aforementioned trend band and abutment breadth is at risk, as sellers are attempting to booty the amount beneath it. If they accomplish in breaking the trend band abutment area, again a retest of $2.90 low is accessible in the abreast term. On the added hand, if buyers accomplish in captivation the amount aloft the trend line, again there is a adventitious that the amount may analysis the 38.2% Fib retracement akin of the aftermost bead from the $3.51 aerial to $2.90 low.
The 2-hours blueprint with the abstracts augment from HitBTC additionally portraits a agnate picture. The amount attempted to barter and actual higher, but the upside was limited. Sellers managed to anticipate a analysis and a breach of the 38.2% Fib retracement akin of the aftermost bead from the $3.65 aerial to $2.99 low. However, there is no trend band formed on the 2-hours chart, but it looks like there is a banderole arrangement in making.
There are a lot of bearish signs on both the alternate blueprint and the 2-hours chart. So, it would be absorbing to see whether the amount can barter bottomward already afresh and analysis the aftermost low of $2.90 or not.
2-hours MACD – The MACD is about to change the abruptness to bearish, which is a bearish sign.
2-hours RSI – The RSI is beneath the 50 level, suggesting buyers are disturbing to booty the amount higher.
Intraday Support Level (Bitfinex) – $3.00
Intraday Resistance Level (Bitfinex) – $3.10
Charts from Bitfinex and HitBTC; hosted by Trading View
