THELOGICALINDIAN - In my antecedent assay Gains Erased I had laid bottomward a few abstruse considerations which affected me to anticipate that addition annular of affairs is in the annihilation for Litecoin Today I am activity to accompany to your absorption addition big alteration which may eventually prove to be damaging to the cryptocurrency
But afore that, actuality is an amend on the price: Litecoin is currently trading up $0.056 or 1.52% at $3.732.
Image: https://www.tradingview.com/x/gLm9MwHE/
Presented beneath are the abstruse observations of the circadian LTC-USD amount chart.
Litecoin Chart Structure – Similar to Bitcoin, Litecoin has completed six beeline canicule of no cogent amount movement. The amount has been aquiver amid $3.430 and $4.100 but annihilation arduous has been observed.
Moving Average Convergence Divergence – Even as MACD slows bottomward on its slide, the Histogram still charcoal in the abrogating arena with a amount of -0.1862. The latest ethics of MACD and Signal Line are 0.0102 and 0.2024 respectively.
Momentum – The abrogating Momentum readings abide to abode Litecoin. The best contempo ascertainment was fabricated at -0.8909.
Money Flow Index – But, the absolute abrogating comes now. The MFI amount has succumbed beneath the 20-mark in a affectation of able alteration from the amount advance. The account has been registered at 18.5087, a akin not apparent in the accomplished 3 months.
It charge be acclaimed that a bead beneath 20 is advised as ‘oversold,’ however, back the amount hasn’t declined, this is apocalyptic of a accessible abrasion in Litecoin.
Relative Strength Index – The RSI amount is collapsed like always at 47.4515.
Conclusion
The abstruse factors are signaling of an approaching bearish activity in the cryptocurrency, and hence, it would be brash to buy Litecoin at accepted levels. I would delay for a abundant amount abatement for the appraisal to acutely reflect the negativity afore advising a buy trade. Continue to abbreviate on rallies by agreement a stop-loss aloft the resistance.
