THELOGICALINDIAN - Key Highlights
Litecoin amount looks like beneath a bearish burden on the lower timeframe, but there charcoal a ray of achievement on the 2-hours blueprint for the bulls.
Selling Rallies?
There was a bullish breach noted for Litecoin amount this accomplished week, but it looks like the beasts bootless to accretion momentum. There was a downside move acclaimed on the 30-mins blueprint (data augment via Bitfinex), as the amount traded as low as $3.01. The declared akin provided support, as it did in the accomplished on abounding times. However, the catechism arises that how continued the mentioned abutment breadth can hold? There are a few bearish signs emerging, as there is a bearish trend band formed on the 30-min chart (data augment via Bitfinex), which may act as a hurdle for the amount if it moves college from the accepted levels.
One key point to agenda actuality is the actuality that the trend band is accumbent with the 100 simple affective average, which increases its accent in the abreast term. An antecedent attrition on the upside is about the 38.2% Fib retracement akin of the aftermost bead from the $3.18 aerial to $3.01 low. However, the best important attrition is about the trend band and 100 MA, as it is accumbent with the 50% Fib retracement akin of the aftermost bead from the $3.18 aerial to $3.01 low. So, if you are attractive to comedy for a actual abbreviate term, again accede affairs abreast the 100 MA and the trend band attrition with a accessory stop aloft the trend line.
On the cast side, if we attending at the 2-hours blueprint with the abstracts augment from HitBTC, there are a few positives to attending for the bulls. Earlier, there was a bearish trend band and attrition breadth formed, which was austere by buyers to accessible the doors for added assets in the abreast term. The aforementioned trend band is now acting as a abutment breadth for the price. A above aspect to agenda actuality is that that the 100 simple affective boilerplate on the 2-hours blueprint (data augment via HitBTC) is additionally positioned on the downside to act as a barrier for sellers.
There were already a brace of attempts to breach the 100 MA abutment area, but buyers managed to avert it. It would be absorbing to see whether buyers can advance the amount college and how continued the declared MA may authority during the accessible week.
2-hours MACD – The MACD is in the bearish zone, but may change the abruptness to bullish affective ahead.
2-hours RSI – The RSI is aloft the 50 level, which is a absolute assurance for the bulls.
Major Support Level (HitBTC) – $3.10-05
Major Resistance Level (HitBTC) – $3.30
Charts from Bitfinex and HitBTC; hosted by Trading View
