THELOGICALINDIAN - Litecoin has acquaint aerial assets of 112 in band with Bitcoin It is currently trading at 4318
In my antecedent abstruse assay blue-blooded Dead Cat Bounce, I mentioned that Litecoin should face attrition abreast $4.500. The cryptocurrency did ability $4.440 afore retreating.
Apart from this, the abstruse break are awful mixed.
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Litecoin Chart Structure – There is no cogent amount activity that has taken abode in Litecoin. It is broadly a lower top, lower basal structure, and there is a acceptable anticipation that it stays that way.
Fibonacci Retracements – The 23.6% Fibonacci retracement akin has expectedly accepted to a roadblock to Litecoin. Above this, beasts should acquisition drive activity in their favor.
Moving Average Convergence Divergence – The acceleration in amount fails to construe into assets for MACD or Histogram. MACD is at 0.0695, Signal Line reads 0.1361 while the Histogram is at -0.0666.
Momentum – The Momentum indicator additionally fails to acceleration aloft the 0-mark and struggles at -0.2518.
Money Flow Index – The MFI is captivation its arena almost able-bodied with latest amount of 66.2421.
Relative Strength Index – The RSI maintains its aloof attitude alike today. The latest amount is 51.0509.
Conclusion
Technical indicators, MACD and Momentum, advance a bearish angle for Litecoin while the Money Flow Index is the sole positive.
However, with the advice of Bitcoin, we can apprehend what’s advancing in for Litecoin. Bitcoin is currently testing the acute attrition of $285 (read added about this here) and a absolute blemish will best apparently beforehand to a billow in Litecoin as well. Similarly, if Bitcoin fails to beforehand above the accumulation area and falls, apprehend a agnate fate in Litecoin.
Therefore, bazaar participants are acerb brash to accumulate clue of the Bitcoin bazaar and again barter afterward the attrition levels mentioned afore and practicing stop-losses. Indulge in trades with a risk-reward arrangement of 1:2.5.
