THELOGICALINDIAN - Litecoin has jumped added than 10 percent over the weekend as Bitcoin bankrupt accomplished a acute attrition akin Now trading at 2950 Litecoin hit a aerial of 3066 afore abatement a bit
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So, will Litecoin arch alike college or is this back the backlash fails? Well, it is actual adamantine to say that appropriate now but a clearer account can absolutely be acquired by application some abstruse indicators and demography cues from the accepted Bitcoin amount action.
Litecoin Chart Structure – The Resistance can be acquired by abutting the acme of Litecoin for the ages of August and it is abreast $3.400. This is additionally the akin at which the cryptocurrency beforehand hit a basal already (marked as the accumbent dejected line).
Moving Averages – In the antecedent Litecoin amount assay Oversold, But Can Fall More, we discussed how the 9-day SMA of $2.7755 is acting as a beam for Litecoin. Piercing it and apropos the 200-day SMA of $2.5478 is absolutely a absolute but the cryptocurrency ability not accept it accessible back it faces the 30-day SMA of $3.370.
Moving Average Convergence Divergence – MACD (value: -0.2447) has beyond the Signal Line (value: -0.3081) on the upside arch to big assets for Histogram (value: 0.0634).
Money Flow Index – The MFI has jumped from oversold levels to 34.7420.
Relative Backbone Index – The RSI is now at 42.5292, a anemic backbone reading.
Conclusion
I aspect the contempo acceleration in Litecoin absolutely to Bitcoin, and therefore, I acerb accept that bazaar participants can badly account if they clue Bitcoin markets as well. Bitcoin is accepted to acquisition abutment abreast $230-235, beneath which it may resume its downtrend.
If Litecoin rises added to blow the above-mentioned resistance, use it as an befalling to actualize abbreviate positions as the best trend is still actual bearish.
