THELOGICALINDIAN - Key Highlights
Litecoin amount connected to abate this accomplished week, and now it looks like if the beasts abort already again, again a move appear $2.50 is likely.
Litecoin Price – Wait for a break?
Litecoin has been traded at a lower price this accomplished anniversary and activated the $2.90 abutment breadth breadth the buyers begin adamantine to anticipate the downside move. It is important to agenda that the $3.00-2.90 breadth acted as a above abutment earlier, and it holds a lot of accent for the amount in the canicule to come. There is acutely a monster contracting triangle pattern basic on the circadian blueprint (data augment via Kraken), which can be apparent as a breach out arrangement the advancing weeks.
The best important point that one should accumulate in apperception is the actuality that the amount is beneath the 100-day simple affective average, suggesting buyers are award it absolutely adamantine to booty the amount higher. Moreover, the 23.6% Fib retracement akin of the aftermost bead from the $5.00 aerial to $2.90 low is positioned about the triangle attrition area.
So, the 100-day simple affective boilerplate is an antecedent hurdle for the bulls, followed by the triangle attrition area. On the downside, the best important abutment is abreast $2.90-3.00.
Daily MACD – The MACD is in the bearish zone, and there seems no adventitious of a change in the slope.
Daily RSI – The RSI is beneath the 50 level, which is a bearish sign.
Intraday Support Level– $3.00
Intraday Resistance Level – $3.45
Charts from Kraken; hosted by Trading View
