THELOGICALINDIAN - Key Highlights
Litecoin amount traded abreast $3.40 this accomplished week. However, it begin attrition abreast the declared akin and now looks set for a decline.
Litecoin Price – Sell Near 100 SMA?
Litecoin amount afterwards trading as low as $3.10 begin abutment and recovered a few credibility to barter abreast $3.40 area it begin bears. There is a bearish trend band formed on the 4-hours (data augment via Kraken), which acted as a hurdle for added upsides and prevented assets about $3.40.
There was a lot of selling pressure acclaimed about $3.40 back the 61.8% Fib retracement akin of the aftermost bead from the $3.58 aerial to $3.11 low was additionally positioned about the declared level. The amount confused down, and additionally bankrupt beneath the 100 simple affective boilerplate on the 4-hours chart, which is a abrogating assurance for the bulls.
If the bears abide in control, again there is a adventitious of added losses in the abreast appellation that could booty the amount aback appear the $3.10 level. On the upside, a breach aloft the trend band attrition could booty the amount appear the 76.4% Fib retracement akin of the aftermost bead from the $3.58 aerial to $3.11 low.
4-hours MACD – The MACD is in the bearish zone, and pointing appear added losses in the abreast term.
4-hours RSI – The RSI is aloof aloft the 50 level, which may accord the beasts a acumen to attack an upside move.
Intraday Support Level– $3.22
Intraday Resistance Level – $3.40
Charts from Kraken; hosted by Trading View
