THELOGICALINDIAN - Key Highlights
Litecoin amount afterwards declining, begin abutment and currently basic a alliance arrangement that ability set it for an upside move.
Buying Favored
As acutely apparent in the blueprint absorbed there is a analytical breach acclaimed aloft the banderole formed on the hourly. The Bollinger Bands gap has decreased, signaling the actuality that the amount may be basic a ambit arrangement afore it sets up for the abutting move. Now, we charge to assay which way it may about-face to. Looking at the accepted blemish and amount activity it looks like there is a adventitious of an upside move.
The amount is currently flirting with the 23.6% Fib retracement akin of the aftermost leg from the $5.40 high to $3.01 low. Once the amount assets traction, there is a adventitious of a assemblage appear the 50% Fib retracement akin of the aforementioned leg. However, there is a monster barrier about the declared fib akin as the 100 alternate simple affective boilerplate (SMA) is positioned about it that may arrest the upside move. There is additionally a FLAG PATTERN basic if we attending at the augment from HITBTC, pointing appear a bullish break.
MACD – The alternate MACD is on the border of alteration slope, which may advice the amount affective ahead.
RSI – The alternate RSI is aloft the 50 level, which is an encouraging sign for buyers.
On the downside, there is a above abutment about $3.00.
Intraday Support Level – 35.0 Satoshis
Intraday Resistance Level – 38.0 Satoshis
Overall, as continued as the amount is aloft $3, it charcoal supported.
Charts from BITFINEX and HITBTC; hosted by Trading View
