THELOGICALINDIAN - Key Highlights
Litecoin amount may barter college in the abreast term, but it won’t be a astute alarm to buy Litecoins as the trend still charcoal down.
$3.00 as a Support?
Litecoin amount was beneath a lot of bearish pressure recently, as it traded bottomward and alike acicular beneath the $3.0 handle. The amount started a accessory accretion yesterday, and there was a banderole arrangement formed on the 2-hours blueprint with the abstracts augment from HitBTC, as accent in yesterday’s post. The best allotment is that the amount managed to fasten aloft the accent banderole pattern, but the upside was limited. There was hardly any bullish drive afterwards the break, and the amount struggled to bright a brace of accessory resistances.
The capital attrition on the upside was about the 61.8% Fib retracement akin of the aftermost bead from the $3.23 aerial to $3.00 low. This can be apparent as a aloft abortion and may alarm for addition downside run. If we attending at the added way around, again the amount may be affective lower to retest the burst banderole pattern area it may finds bids. If that is the case, again the amount may barter aback higher. The abutting akin of attrition on the upside may be about the 76.4% Fib retracement akin of the aftermost bead from the $3.23 aerial to $3.00 low. A breach aloft the declared fib akin could burn a move appear the aftermost beat aerial of $3.23. On the downside, if the contempo breach is a apocryphal one, again a analysis of $3.0 is additionally possible, which is a concise abutment for the price.
Looking at the alternate blueprint with the abstracts augment from Bitfinex, there was a bullish trend band formed, which sellers managed to break. It can be apparent as a above breach and could booty the amount down. The amount is currently trading abreast the 23.6% Fib retracement akin of the aftermost bead from the $3.51 aerial to $2.90 low, and it looks like if sellers abide in ascendancy added losses are likely. A retest of the $2.90 is additionally accessible if buyers abort to avert the $3.00 abutment area.
There is additionally a bearish trend band that may comedy a above role, as it is aloof beneath the 38.2% Fib retracement akin of the aftermost bead from the $3.51 aerial to $2.90 low, and the 100 alternate simple affective average. Selling can be planned abreast the 100 MA if the amount moves higher.
Hourly MACD – The MACD is about to change the abruptness to bearish, suggesting added losses ahead.
Hourly RSI – The RSI is beneath the 50 level, which is a bearish sign.
Intraday Support Level (Bitfinex) – $3.00
Intraday Resistance Level (Bitfinex) – $3.10
Charts from Bitfinex and HitBTC; hosted by Trading View
