THELOGICALINDIAN - I do not accept any positives to lay out for the beasts neither apropos the weekend activity nor apropos the approaching amount expectation
I had brash in Crashes 20% Intraday that any assemblage up to the attrition akin of $4.100 should be acclimated to go abbreviate in the counter. During the weekend, the amount did access the bears’ mansion and has been sliding back then. Currently, Litecoin is trading at $3.678, bottomward 1.34% from Friday’s observation.
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Litecoin looks anemic from the ambit of abstruse indicators as well. Find beneath the abstruse considerations of the circadian LTC-USD amount chart.
Litecoin Chart Structure – Litecoin’s upside has been capped by the attrition airish by the $4.100 level. On the downside, the trend of lower closings continues as the cryptocurrency recorded the everyman abutting of July this weekend.
Moving Average Convergence Divergence – Following its ceaseless decline, MACD is now almost absolute at 0.0958 while the Histogram at -0.3090 is at the everyman akin in a month. The Signal Line is additionally ability abasement and is now at 0.4048.
Momentum – After accedence to -3.9432 yesterday, the drive has rebounded to -0.6854. However, the bigger catechism is: Will the drive become absolute abundant for a trend reversal?
Money Flow Index – The Money Flow Index has sunk lower to 36.3134.
Relative Backbone Index – That the basal backbone is still anemic can be gauged from the 14-day RSI amount of 46.8477.
Conclusion
Market participants should not abash the accepted arrest in the bottomward movement to a abject formation. Given the awful airy attributes of the cryptocurrency, they should alone focus on activity abbreviate back the amount approaches the attrition akin by agreement a austere stop-loss above it. The declivity is accepted to abide in the advancing sessions. I accept a near-term ambition of $3.100 for Litecoin.
