THELOGICALINDIAN - Key Highlights
Litecoin amount disturbing to recover, as there is a analytical barrier on the upside. Looking at the circadian chart, the amount is in a bright downtrend.
Sell Near 100-Day SMA?
There was a sharp downside move in Litecoin price recently, which took the amount beneath the $3.00 handle. Since again the amount is attempting to balance and award bids abreast the $3.00 area. Buyers attempted on added than three occasions to booty the amount higher, but they failed. There is a monster bearish trend band formed on the circadian blueprint (data augment via Bitfinex), which prevented the upside move. The contempo abortion about the $3.30-40 breadth was additionally about the bearish trend band and attrition area. The best important point to agenda is the actuality that the amount is able-bodied beneath the 100-day simple affective boilerplate (data augment via Bitfinex), which is a solid bearish signal.
On the upside, the accent bearish trend band is now ancillary with the 38.2% Fib retracement akin of the aftermost bead from the $3.61 aerial to $2.90 low. If the amount active college already again, again the declared fib akin and the trend band attrition may appear into play. Only a breach aloft the trend band attrition breadth may burn a way up. The abutting akin of absorption in that case may be about the 50% Fib retracement akin of the aftermost bead from the $3.61 aerial to $2.90 low. The 100-day simple affective boilerplate (data augment via Bitfinex) is positioned aloof aloft the mentioned fib akin to act as a barrier for buyers.
If we bead to the lower timeframe chart, again the 2-hours blueprint with the abstracts augment from HitBTC additionally suggests that there is a lot of burden on Litecoin price. There is a aloft application triangle arrangement formed on the 2-hours chart, which acted as a abutment and attrition on abounding occasions. The amount this accomplished anniversary activated the triangle abutment breadth on abounding times and begin support. As continued as the amount is aloft the triangle abutment breadth there is a adventitious of recovery.
On the upside, the 100 simple affective boilerplate (2-hours blueprint with abstracts augment from HitBTC) is acting as a attrition and prevented gains. There were abounding attempts to bright it, but buyers failed. The 50% Fib retracement akin of the aftermost bead from the $3.40 aerial to $3.08 low is additionally about the 100 MA. So, we can say that there is a above barrier formed abreast $3.25 for Litecoin amount area already can accede selling.
Daily MACD – The MACD is about to change the abruptness to the bearish zone, which is a abrogating assurance for bulls.
Daily RSI – The RSI is able-bodied beneath the 50 level, suggesting the bulk of bearish burden on the price.
Intraday Support Level (Bitfinex) – $3.00
Intraday Resistance Level (Bitfinex) – $3.25
Charts from Bitfinex and HitBTC; hosted by Trading View
