THELOGICALINDIAN - Key Highlights
Litecoin amount is trading abreast a analytical juncture, as a breach beneath the $3.50 and a abutting may alarm for added losses and a change in the trend.
Can Buyers Prevent a Break?
We mentioned during this accomplished week’s assay that the $3.50-55 breadth holds the key for Litecoin price. The amount acclimatized aloft the declared akin this accomplished anniversary and traded as aerial as $3.64. There was a bearish trend band on the alternate chart, which was austere to booty the amount higher. Now, it looks like a concise top is created abreast $3.64, as the amount adapted higher. However, the alteration appearance continued added than anticipated, and if sellers abide in control, again the amount may arch added lower.
There is an accretion triangle arrangement formed on the alternate blueprint (data augment from Bitfinex), which is currently acting as a abutment area. However, the amount bankrupt beneath the 100 alternate simple affective average, which is a bearish sign. Moreover, the 50% Fib retracement akin of the aftermost beachcomber from the $3.42 low to $3.64 aerial is additionally burst by sellers. The amount is currently award bids abreast the triangle abutment breadth and the 61.8% Fib retracement akin of the aftermost beachcomber from the $3.42 low to $3.64 aerial at $3.50.
If buyers abort to avert the $3.50 abutment area, and if price closes beneath the declared level, again a move appear the $3.45 akin is accessible in the abreast term. It could additionally alarm for a change in the trend from bullish to bearish. One important abutment breadth is about the burst triangle trend band on 2-hours blueprint with abstracts augment from HitBTC. The accent trend band acted as a abutment on abounding occasions, and it looks like it may comedy a acute role for both buyers and sellers in the abreast term.
One added key point to agenda is the actuality that the 61.8% Fib retracement akin of the aftermost beachcomber from the $3.48 low to $3.72 is additionally about the burst trend band (data augment from HitBTC). The 100 simple affective boilerplate (H2) is additionally positioned about the burst trend line, suggesting that the amount is at a analytical level. Let us see if the amount can move college or breach the accent abutment breadth in the abbreviate term. A move bottomward could calmly booty the amount appear the aftermost beat low.
Hourly MACD – The MACD is in the bearish slope, which is a assurance of added losses in the abbreviate term.
Hourly RSI – The RSI is beneath the 50 level, suggesting sellers are in control.
Intraday Support Level – $3.50
Intraday Resistance Level – $3.58
Charts from Bitfinex and HitBTC; hosted by Trading View
