THELOGICALINDIAN - Key Highlights
Litecoin amount continuously bootless to barter aloft the $3.50-60 attrition area, suggesting that sellers are in ascendancy and may booty it lower affective ahead.
Sell Near $3.55-60?
Litecoin’s amount afterwards trading as low as $3.46 managed to balance from losses, and adapted higher. However, there is a monster barrier formed abreast $3.55-60 for buyers, which is acting as a hurdle and preventing added gains. There is a assemblage attrition breadth formed about the declared level. A bearish trend band on the alternate blueprint with abstracts augment from HitBTC and the 38.2% Fib retracement akin of the aftermost bead from the $3.79 aerial to $3.46 low are positioned about $3.55-60.
Moreover, the 100 simple affective boilerplate (H1) is additionally aloof beneath the accent trendline and attrition area. The amount has aloof confused beneath it, which is a assurance that sellers are in ascendancy and may booty the amount added lower. On the downside, the best cogent abutment is abreast the aftermost beat low of $3.46 breadth buyers may booty a stand. If buyers administer to booty the amount college from the accepted levels, again a breach aloft the trendline and attrition breadth could booty the amount appear the 50% Fib retracement akin of the aftermost bead from the $3.79 aerial to $3.46 low. However, it won’t be an accessible assignment for buyers to breach the $3.55-60 attrition area.
Looking at the lower time anatomy chart, there are a few absolute signs. There is a bullish trend band formed on the 30-min chart via the abstracts augment from Bitfinex, which is currently acting as a axis breadth and blame the amount higher. The amount is currently testing the 50% Fib retracement akin of the aftermost beachcomber from the $3.37 low to $3.52 low. There is a aberration if levels analyze to abstracts feeds from Bitfinex and HitBTC.
If the amount trades afterpiece to the accent trendline and abutment breadth (30M chart), there is a adventitious of it accepting traction. As continued as the amount is aloft it, there is achievement that buyers may attack to booty the amount higher. However, there is a bearish sign, as the amount has confused beneath the 100 simple affective boilerplate (30-min blueprint via the abstracts augment from Bitfinex).
Overall, the amount is trading abreast acute levels, both in agreement of abutment and resistance. A breach on either ancillary could burn the abutting move in the abbreviate term.
Hourly MACD – The MACD is in the bearish zone, suggesting added losses affective ahead.
Hourly RSI – The RSI is authoritative an attack to balance from the oversold level, but may attempt abreast the 50 area.
Intraday Support Level – $3.45
Intraday Resistance Level – $3.55
Charts from Bitfinex and HitBTC; hosted by Trading View
