Litecoin vs Bitcoin fell consistently over the weekend, but will a new week bring some stability at last? Not likely, although I doubt we’ll be seeing movements as large as what we saw on the 11th.
Concerning my last technical analysis, the chart for which I’ve pasted below:
Then I mentioned,
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“The 61.8% Fib retracement level at 0.0262, marked in red is providing strong resistance. With Stochastics still heading upwards and the Accelerator and Awesome Oscillators as green, I think price could test 61.8% again, possibly today or tomorrow (at 0.026).”
This occurred soon after, except price didn’t hang around there for long, rather hiking even further to 0.0268. And it’s with this new high in mind for which I’m performing my Fibonacci study for today, click below to expand:
We can see how on Saturday and Sunday, price just kept on falling, paying little regard for the initial few Fib levels, eventually settling at the 50% level at 0.0246, marked in blue.
Right now, we have price located at the 38.2% Fib level. The latest candle (which is still in formation), has a very bearish look to it, consisting of just an upper wick. The problem is we have the Stochastics in an oversold zone, along with AC and AO as green, so we could have some fluctuating activity for the next few candles before a clearer direction is ascertained.