LTC/BTC Technical Analysis – 12th March 2014
Analysis provided by Ashton Fraser, learn more about his trading strategies with the Forex Reversal indicator.
And what an expansion it was, only to be halted by some strong resistance. Take a look at the LTC/BTC H4 chart below:
As we can see price has risen to 0.0275, and given this area has had previous in regards to resistance, it's of no surprise price refused to go beyond that.
Hence, I've performed the Fibonacci study from the week's low on the 9th of March at 0.0248 until today's high at 0.0275. An increase of more than ten percent in barely a couple of days might not sound like much in the crazy world of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, but it's still significant nonetheless, especially given how tight trading has been in recent hours:
The most important candle here of course is the one marked with a blue ellipse. That is one powerful, bull candle. Look how it smashed right through the upper Bollinger band, with more than half of the body above the candle. This is rare, and when such price action occurs, it's vital to take note.
Then, look at the candle marked with a red ellipse, its upper wick extremely long, with the entire candle outside of the bands. Unsurprisingly, a retrace was forming, and soon after, the two Bill William's Oscillators, Accelerator Accelerator An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he Read this Term and Awesome turned red, whilst the Stochastics, have just crossed down, in a very over bought position.
It's almost inconceivable that price won't touch the 23.6% Fibonacci retracement level now, seeing as though we're already very close. We may see a bounce off 23.6%, before another push down to 38.2% later on.
Learn more at https://www.forexreversal.com
Analysis provided by Ashton Fraser, learn more about his trading strategies with the Forex Reversal indicator.
And what an expansion it was, only to be halted by some strong resistance. Take a look at the LTC/BTC H4 chart below:
As we can see price has risen to 0.0275, and given this area has had previous in regards to resistance, it's of no surprise price refused to go beyond that.
Hence, I've performed the Fibonacci study from the week's low on the 9th of March at 0.0248 until today's high at 0.0275. An increase of more than ten percent in barely a couple of days might not sound like much in the crazy world of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, but it's still significant nonetheless, especially given how tight trading has been in recent hours:
The most important candle here of course is the one marked with a blue ellipse. That is one powerful, bull candle. Look how it smashed right through the upper Bollinger band, with more than half of the body above the candle. This is rare, and when such price action occurs, it's vital to take note.
Then, look at the candle marked with a red ellipse, its upper wick extremely long, with the entire candle outside of the bands. Unsurprisingly, a retrace was forming, and soon after, the two Bill William's Oscillators, Accelerator Accelerator An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he Read this Term and Awesome turned red, whilst the Stochastics, have just crossed down, in a very over bought position.
It's almost inconceivable that price won't touch the 23.6% Fibonacci retracement level now, seeing as though we're already very close. We may see a bounce off 23.6%, before another push down to 38.2% later on.
Learn more at https://www.forexreversal.com