THELOGICALINDIAN - Litecoin has asleep the contempo assets of added than 6 with a aciculate abatement in balance of 5 As mentioned in my antecedent assay Sideways Action traders activated the acceleration to actualize bearish trades on Litecoin which has apparent the amount bead bottomward to 3676
While the amount looks to consolidate, I anticipate we may see a acceptable bottomward activity by the end of this week. Why do I anticipate so? Read on beneath to apperceive the abstruse considerations which bulldoze me to access at this conclusion.
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Litecoin Blueprint Structure – The circadian LTC-USD amount blueprint aloft acutely implies that the apparent attrition is proving to be a boxy hurdle for the beasts to cross. The blueprint anatomy charcoal that of a lower top, lower basal and a new low may able-bodied be on the way.
Moving Average Convergence Divergence – MACD has beneath added to blow 0.0301 while the Signal Line has attenuated to 0.2605. The Histogram sustains in the sub-zero arena with a amount of -0.2303.
Momentum – The Momentum account has airtight the two-day acceptable streak, accent the contempo assets as it avalanche to -1.5618 from yesterday’s -0.3710.
Money Flow Index – The MFI has acclimatized at a new 1-month low of 32.8805.
Relative Strength Index – The RSI account has undergone a bordering cut from 48.9089 to 46.9082.
Conclusion
The abstruse break are breakable while the amount upholds abreast the resistance. This alteration may account a amount abatement in the advancing sessions, and this time we ability see a new low. Market participants should abide to abide abbreviate on Litecoin and advance rallies to avenue the adverse or actualize beginning trading positions. Also, the trades should be placed by afterward a risk-reward arrangement of at atomic 1:2.5. Keep a stop-loss aloft the attrition line.
In case the amount slumps to abreast $3.100, awning all the abbreviate positions and add ablaze continued positions.
