THELOGICALINDIAN - Litecoin rises added than 5 percent tracking the abatement assemblage in Bitcoin However the cryptocurrency is accepted to face renewed bearish drive abreast 4500
In my antecedent Litecoin abstruse analysis, I mentioned that Litecoin is in the able anchor of the bears. I advance my bearish appearance on the cryptocurrency and see cogent amount advances actuality awash into.
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Technically, things attending bearish for Litecoin and we should see $3.000 this month.
Litecoin Blueprint Structure – There hasn’t been a allusive change in the blueprint structure, which is that of a lower top, lower bottom.
Fibonacci Retracements – The 23.6% Fibonacci retracement of $4.471 will be a above hurdle to cross.
Moving Average Convergence Divergence – The MACD is afraid abutting to the Signal Line afterwards a bearish crossover. The Histogram is abrogating at -0.0706 while the MACD is at 0.0724 and the Signal Line is at 0.1430.
Momentum – The Momentum is flat-to-negative with a amount of -0.2933.
Money Flow Index – The accepted amount of the MFI is able at 63.6829.
Relative Strength Index – The RSI provides no cogent advice with its amount of 50.3860.
Conclusion
Now that all the abstruse considerations accept been laid out, actuality is what I infer.
Litecoin’s contempo alliance arena of $4.500-$4.550 will prove to be a able attrition for the bulls. Add to it the burden airish by the 23.6% Fibonacci retracement akin of $4.471, and things become acutely tough. So, if bazaar participants are architecture continued positions, accede liquidating them at the mentioned attrition levels, and actualize beginning abbreviate positions for a ambition of sub-$4.000 by agreement a stop-loss aloft $4.500.
Market participants are additionally brash to break beside with the latest movements in the Bitcoin market, which is arch the amount activity in Litecoin. And, Bitcoin looks weak!
