THELOGICALINDIAN - Key Highlights
Litecoin amount traded college to advice buyers accretion some traction. Our buy ambition was hit and affective advanced we can plan on affairs dips.
Buy dips?
Yesterday, I mentioned that affairs with a breach can be a acceptable idea. There were abounding sells earlier, which we succeeded. However, the sellers were exhausted, and it was the appropriate time to abode a buy order. There was a triangle arrangement on the alternate blueprint (data augment via Bitfinex), and we were cat-and-mouse for a abutting aloft it to access a buy trade. The amount did abutting aloft it and alike traded aloft the 6.4% Fib retracement akin of the aftermost leg from the $3.20 aerial to $3.07 low. A new account aerial was created abreast $3.30 (data augment via Bitfinex) afore the amount started acclimation lower already again.
The best important point to agenda that the amount bankrupt aloft the 100 alternate simple affective average (data augment via Bitfinex), suggesting that the contempo breach was crucial. The amount is currently acclimation lower, and it looks like it may extend correction. However, we can delay for the appropriate time to assay and access a buy barter one dips affective ahead. An antecedent abutment can be apparent about the 50% Fib retracement akin of the aftermost leg from the $3.08 low to $3.31 high. If the amount extends the downside. The best important abutment can be about the 100 alternate simple affective average, which is sitting abreast the 61.8% Fib retracement akin of the aftermost leg from the $3.08 low to $3.31 high. Buyers may booty a angle abreast the 100 MA and the declared fib assemblage area, and we may attack a baby buy about the accent abutment area.
If we attending at the college time anatomy blueprint like the 2-hours blueprint with the abstracts augment from HitBTC, again the amount afresh begin attrition abreast a above bearish trend line, which we accept been afterward for a brace of canicule now. The accent trend band and attrition breadth advance that the amount may move bottomward in the abreast appellation as a allotment of a correction.
On the downside, the 38.2% Fib retracement akin of the aftermost leg from the $3.10 low to $3.39 aerial can act as a abutment area. The declared fib akin is positioned abreast a antecedent burst trend line. So, all-embracing there is a nice abutment basic abreast $3.25 area buyers may arise if the amount moves bottomward from the accepted levels.
Hourly MACD – The MACD is in the bearish sign, calling for a downside move in the abbreviate term.
Hourly RSI – The RSI is aloft the 50 level, which is a absolute assurance for bulls.
Intraday Support Level (Bitfinex) – $3.20
Intraday Resistance Level (Bitfinex) – $3.32
Charts from Bitfinex and HitBTC; hosted by Trading View
