LTC/BTC Technical Analysis – 21st March 2014

Analysis provided by Ashton Fraser, learn more about his trading strategies with the forex reversal indicator.

After a strong downtrend since midweek, Litecoin vs Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term has settled down, with the market consolidating for the meantime.

Let's take a closer look at the LTC/BTC H1 chart below (click to expand):

I've performed the Fibonacci study from the high of the crash at 0.034 until yesterday's low at 0.027. As we can see, from the 19th, it's been a very bearish market with price dropping like a stone - a 20% drop in just a couple of days. It seems however someone's managed to catch that stone.

We can see how the middle Bollinger line has a smooth trajectory to it, indicating at the very least the move was mainly consistent, although the amount of green bars in the Awesome Oscillator tells us there were quite a few bumps along the way, albeit small ones.

The main retrace was of course the one that rose from yesterday's low at 0.027 until the 23.6% Fib level at 0.0285. Price then dropped back down again, since we had the 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 Oscillator as red, with the Awesome Oscillator following suit on the next candle. In the meantime the Stochastics were by now, crossing down, in an undersold zone.

If we observe the last few candles though, it becomes clear that consolidation is taking hold. Many of the candlesticks have large upper and lower wicks, an indication of indecision in the market, marked in a white ellipse. I expect this to remain the case for the rest of the day.

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