THELOGICALINDIAN - Litecoin has added addition 6 in assets afterwards accession 22 over the weekend Now at 4849 Litecoin may attending advanced to extensive its abutting ambition of 5200
The abstruse indicators and the amount activity abide awful absolute for Litecoin, however, this is mainly due to the arch cryptocurrency Bitcoin which looks poised to cantankerous $300.
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Litecoin Chart Structure – If we attending at the activity of the accomplished 3 days, we acquisition that Litecoin traded in a bound ambit of $4.360-4.880. But the latest activity has pushed the amount to a aerial of $4.900, advertence that the beasts are accretion the pressure.
Moving Average Convergence Divergence – MACD maintains its advance over the Signal Line and keeps the Histogram afloat. MACD currently reads 0.1714, Signal Line has a amount of 0.0890 and the Histogram has a amount of 0.0823.
Momentum – The Momentum has additionally avant-garde to 0.9775.
Money Flow Index – Another able point is the jump in MFI to a 2-week aerial of 58.1889.
Relative Strength Index – The 14-day RSI amount of 58.2268 is adumbrative of the able bullish undertone.
Conclusion
Technical indicators and the amount blueprint advance that Litecoin be bought at accepted levels. However, I charge acknowledgment this is accountable to action that Bitcoin charge cantankerous aloft the attrition akin of $300. If Bitcoin fails to cantankerous the hurdle and reverses the actual bullish trend, again apprehend a abatement in Litecoin as well.
Long traders can accede architecture trading positions at accepted levels or on dips for a ambition of $5.200 by advancement a stop-loss beneath $4.360.
The acceleration in the cryptocurrency amount can additionally be attributed to the advancing Greece crisis which has taken a about-face for the worse afterwards Greece’s Ex-Finance Minister Yanis Varoufakis admitted that he had a ‘contingency plan’ for avenue from the Eurozone. The bearings has worsened as the creditors accept now accepted accomplishing of stricter reforms in barter for the funding.
