THELOGICALINDIAN - Key Highlights
Litecoin amount may move a bit college from the accepted levels, but it ability acquisition sellers about an important axis breadth of $3.80.
How important is $3.80 as a Resistance?
We mentioned in one of the antecedent analyses that the beasts appeared about $2.90 to anticipate the downside and pushed the amount higher. The price is currently affective higher, but it won’t be an accessible ride for the buyers, as there are abounding hurdles on the way up, starting with the 23.6% Fib retracement akin of the aftermost abatement from the $5.64 high to $2.99 low. However, the best analytical attrition is about $3.80, which represents a above axis breadth as accent in the chart.
When we attending at the amount augment from Bitfinex, again we can agenda a lot of absolute signs. First, the amount is aloft the 100 alternate simple affective boilerplate (MA). Second, there is a application triangle arrangement basic on the alternate chart, which is acceptable to breach affective advanced and accessible the doors for added gains.
MACD – The alternate MACD is mostly flat, suggesting a breach is acceptable in the abreast term.
RSI – The alternate RSI is aloft the 50 level, pointing appear an upside move.
If the amount moves lower, again the 100 MA may act as a abutment area.
Intraday Support Level – $3.15
Intraday Resistance Level – $3.80
In short, a breach aloft the accent triangle may booty the amount college affective ahead.
Charts from Bitfinex and HitBTC; hosted by Trading View
