Litecoin Resumes Fall, Threatens Key Levels
After making a reasonable recovery to well above $23, Litecoin reversed course on Thursday and returned dangerously close to its $22.50 low of . This is the lower end of its key support band of $23, tested and held over the last 2 weeks, and with the exception of a Flash Crash Flash Crash The Flash Crash was a major stock market crash that happened on May 6, 2010 in which three major US indices crashed in the span of 36 minutes.In particular, the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite fell nearly 9% before rebounding within minutes. The event differed from other crashes in that most losses were recovered.The crash was believed to be caused in part by Navinder Singh Sarao, a British financial trader. Sarao was later charged with spoofing algorithms, utilized j The Flash Crash was a major stock market crash that happened on May 6, 2010 in which three major US indices crashed in the span of 36 minutes.In particular, the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite fell nearly 9% before rebounding within minutes. The event differed from other crashes in that most losses were recovered.The crash was believed to be caused in part by Navinder Singh Sarao, a British financial trader. Sarao was later charged with spoofing algorithms, utilized j Read this Term early on, maintained thus far in 2014.
In a bearish signal, LTC is plumbing new lows vs BTC, even as today vs USD. It just hit a new low of 27.3 mBTC before climbing back to 27.5 mBTC. These are the lowest levels experienced thus far in 2014 vs BTC.
Sentiment as to LTC's next move is mixed among traders. Some are recognizing the bearish pattern as a sign of further retreat, while others are attributing the drop to transient stimuli. Others still are calling for a new trading range below $23 but above $22.
With the BTC barrier already broken, its interaction with the remaining USD barrier will be a powerful indicator of things to come.
(Chart Source: Bitcoinwisdom)
After making a reasonable recovery to well above $23, Litecoin reversed course on Thursday and returned dangerously close to its $22.50 low of . This is the lower end of its key support band of $23, tested and held over the last 2 weeks, and with the exception of a Flash Crash Flash Crash The Flash Crash was a major stock market crash that happened on May 6, 2010 in which three major US indices crashed in the span of 36 minutes.In particular, the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite fell nearly 9% before rebounding within minutes. The event differed from other crashes in that most losses were recovered.The crash was believed to be caused in part by Navinder Singh Sarao, a British financial trader. Sarao was later charged with spoofing algorithms, utilized j The Flash Crash was a major stock market crash that happened on May 6, 2010 in which three major US indices crashed in the span of 36 minutes.In particular, the S&P 500, Dow Jones Industrial Average, and Nasdaq Composite fell nearly 9% before rebounding within minutes. The event differed from other crashes in that most losses were recovered.The crash was believed to be caused in part by Navinder Singh Sarao, a British financial trader. Sarao was later charged with spoofing algorithms, utilized j Read this Term early on, maintained thus far in 2014.
In a bearish signal, LTC is plumbing new lows vs BTC, even as today vs USD. It just hit a new low of 27.3 mBTC before climbing back to 27.5 mBTC. These are the lowest levels experienced thus far in 2014 vs BTC.
Sentiment as to LTC's next move is mixed among traders. Some are recognizing the bearish pattern as a sign of further retreat, while others are attributing the drop to transient stimuli. Others still are calling for a new trading range below $23 but above $22.
With the BTC barrier already broken, its interaction with the remaining USD barrier will be a powerful indicator of things to come.
(Chart Source: Bitcoinwisdom)