THELOGICALINDIAN - Key Highlights
Litecoin amount adjourned about the $3.30 area, and currently beneath a lot of bearish burden that could aftereffect in a aciculate downside move.
Sell Near Trend Line Resistance?
Litecoin amount afterwards trading as aerial as $3.20 (data augment via Bitfinex) found attrition and started to move down. There was a lot of affairs burden noted, which resulted in a connected downside move. There is a bearish trend band formed on the 30-min blueprint (data augment via Bitfinex), as accent in this accomplished week’s analysis. We sold a brace of times about the aforementioned trend band and were successful. The abstraction charcoal the same, and as continued as the amount is beneath the accent trend band and attrition area, we may abide to attending for advertise opportunities.
The bearish trend band is additionally ancillary altogether with the 100 simple affective average, suggesting that the aforementioned trend band holds a lot of accent in the abbreviate term. Buyers may acquisition it boxy to bright it, as the 23.6% Fib retracement akin of the aftermost beachcomber from the $3.18 aerial to $3.01 low is additionally about the trend band attrition area. If sellers abort to avert the accent trend band attrition zone, again we can alike attack a buy with a break. The abutting akin of absorption in that bearings could be about the 50% Fib retracement akin of the aftermost beachcomber from the $3.18 aerial to $3.01 low.
There are bearish signs on the college time anatomy blueprint as able-bodied like the 2-hours blueprint with the abstracts augment from HitBTC. The amount traded about $3.30 area it begin affairs interest, and started to move down. There is a bottomward approach arrangement formed, which is acting as a acumen for a downside move. The amount is now beneath the 100 simple affective boilerplate on the 2-hours blueprint (data augment via HitBTC), calling for added losses in the abreast term. If the amount spikes appear the approach attrition trend line, again the declared 100 MA ability additionally appear into comedy to act as a barrier for sellers.
On the downside, an antecedent abutment can be about the 76.4% Fib retracement akin of the aftermost leg from the $3.03 low to $3.29 high. The best important one is the approach abutment trend line, which could comedy a above role for both sellers and buyers affective ahead. A breach of approach arrangement may booty the amount aback appear the aftermost beat low of $3.03. In that situation, the amount ability alike barter appear the $3.00 handle.
2-hours MACD – The MACD aloof confused in the bullish zone, which is absorbing because the bearish pressure.
2-hours RSI – The RSI is beneath the 50 level, which is a contradicting assurance with MACD.
Intraday Support Level (HitBTC) – $3.10
Intraday Resistance Level (HitBTC) – $3.18
Charts from Bitfinex and HitBTC; hosted by Trading View
