THELOGICALINDIAN - Key Highlights
Litecoin amount was ashamed this accomplished week, and every achievement of buyers was beneath already the amount bankrupt the $3.50 abutment area.
Support as Resistance?
This accomplished anniversary was a acute one for Litecoin price, as sellers enjoyed a awful ride. They managed to booty the amount abundant lower than the bazaar expected. There was a above abutment breadth at the $3.50 level, which acted as a barrier for sellers on abounding occasions. However, afore closing the week, the amount fell acutely on Friday and austere the declared level. The downside acknowledgment was so able that the amount alike austere the $3.00 handle. A new account low was formed, as the amount traded as low as $2.99.
There was a actual important triangle arrangement on the 2-hours blueprint with the abstracts augment from HitBTC, which was burst by sellers. Once the amount bankrupt the accent triangle arrangement there was a awful ride appear the $3.00 level. As can be apparent on the 2-hours chart, the $3.50 was crucial, and a breach beneath it was the capital disciplinarian of a downside move. The accelerate was so able that buyers bootless to alike balance 20% of losses. The amount retraced 23.6% Fib retracement akin of the aftermost bead from the $3.65 aerial to $2.99 low area sellers were apparent arresting the upside move.
Let us see whether the amount can amend added college in the abreast term. If there is a breach aloft the 23.6% fib level, again the abutting akin to watch out will be the 38.2% Fib retracement akin of the aftermost bead from the $3.65 aerial to $2.99 low. One added key disciplinarian was the 100 alternate simple affective boilerplate (data augment from Bitfinex). There were a brace of trend curve on the alternate blueprint that acted as a catalyst. I accent abounding times these trend curve and we were attractive to sell. Our advertise abstraction played able-bodied and pushed the amount down, and already sellers in ascendancy there was a ceaseless decline.
The amount via the abstracts augment from Bitfinex traded as low as $2.90. It already activated the 23.6% Fib retracement akin of the aftermost bead from the $3.51 aerial to $2.90 low. There is a adventitious that the amount may barter a credibility college during the accessible week. However, the upside may be bound and could acquisition attrition abreast the 50% Fib retracement akin of the aftermost bead from the $3.51 aerial to $2.90 low.
2-hours MACD – The MACD is acerb bearish, suggesting that sellers are in control.
2-hours RSI – The RSI is about the oversold area, which agency there is a adventitious of a accessory correction.
Intraday Support Level (Bitfinex) – $3.00
Intraday Resistance Level (Bitfinex) – $3.20
Charts from Bitfinex and HitBTC; hosted by Trading View
