THELOGICALINDIAN - As bidding in Heads South Litecoin has bounced off from abreast the abutment akin of 4360 It was beforehand brash that the latest alteration is a lowrisk affairs befalling Litecoin is anon trading up 177 at 4650
Market participants charge additionally agenda that a bigger decline may be in abundance for Bitcoin, which is allegedly arch Litecoin.
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Interestingly, none of the abstruse indicators overlaid on the circadian LTC-USD amount blueprint point to bearish connotations for Litecoin. All abide durably absolute or stable.
Litecoin Chart Structure – In yesterday’s session, Litecoin connected its abatement to $4.400, abundant afterpiece to the said abutment of $4.360, afore it regained its absent arena and hit $4.703 in the aftereffect abbreviate covering.
Fibonacci Retracements – For a baby period, the amount abiding beneath the 23.6% Fibonacci retracement akin of $4.471, but bankrupt aloft it. The attrition charcoal the 38.2% retracement of $5.270.
Moving Average Convergence Divergence – On a absolute note, MACD, Signal Line and the Histogram annals ethics of 0.1884, 0.1285 and 0.0599 respectively.
Momentum – The Momentum indicator highlights the optimistic affection with a amount of 0.9498.
Money Flow Index – The MFI has eased hardly from 75.7191 to 69.7450.
Relative Strength Index – The RSI extends its flattish activity as the latest account comes in at 54.9309.
Conclusion
All the abstruse breach and the contempo backlash should accomplish Litecoin a acceptable buy on dips candidate, but, in my opinion, Litecoin will ultimately breach the attic as Bitcoin weakens further.
Market participants should accede architecture abbreviate positions on rallies up to $5.000 by agreement a austere stop-loss aloft $5.270 for a primary ambition of $4.360.
Only high-risk traders should go for continued positions abreast the abutment akin for a ambition of $4.650 by agreement a bound stop-loss aloof south of the support.
Expect a above move in Litecoin by the end of this week.
