THELOGICALINDIAN - Key Highlights
Litecoin amount may dive acutely affective ahead, as there is a bearish arrangement (head and shoulders) basic on the alternate chart.
Neckline Break Near?
We mentioned in yesterday’s column that Litecoin amount may arch lower as there was a bearish trend band formed. Now, there is addition bearish arresting emerging, as a arch and amateur arrangement is basic on the alternate blueprint (price augment from Bitfinex). The amount is currently disturbing to move college and trading abreast the neckline abutment area. So, there is a achievability that sellers may breach it and booty the amount lower in the abbreviate term.
An antecedent ambition for sellers can be about the contempo low of $3.04 that holds a lot of importance. A breach and abutting beneath $3.00 could access the bulk of affairs burden and burn added losses. The amount is able-bodied beneath the 100 simple affective boilerplate (MA), which is abacus to the bearish pressure.
The alternate blueprint (price augment provided by HitBTC) additionally credibility to the actuality that sellers are in control. There is a monster attrition about $3.30, ancillary with the 50% Fib retracement akin of the aftermost bead from the $3.39 High to $3.15 Low.
MACD – The alternate MACD is in the bearish zone, allowance sellers.
Hourly RSI – The alternate RSI is beneath the 50 level, suggesting buyers are disturbing to accretion pace.
Intraday Support Level – $3.04
Intraday Resistance Level – $3.30
Overall, we can attending to access a advertise barter if the amount moves beneath the neckline abutment area.
Charts from Bitfinex and HitBTC; hosted by Trading View
