Since the Litecoin vs Bitcoin's highs reached in late March, we've seen a huge retrace, with price coming back down to as low as 0.0224. In recent days has there been some stability, but we could be on the cusp of further bears.
Let's take a closer look at the latest LTC/BTC chart on the Daily timeframe:
Notice the long bear candle marked in a red ellipse. This has got sell written all over it, for so many reasons. Firstly, its body length is massive, and it is the first huge bear candle ever since the upsurge that began on the 4th of March. Just look how long the actual body is, it's upper wick isn't too shabby either, whilst possessing virtually no lower wick. Reading this candle on its own, without referring to anything else, is a powerful sign that a retrace could be on the way. But of course, we have other factors as well, such as price going way beyond the upper Bollinger, plus the Stochastic Oscillator crossing down from an overbought position. Take a look where this candle closed, right at the 38.2% Fibonacci retracement level at 0.0288, smashing straight through the 23.6% Fib.
Hence, we saw price fall even deeper, all the way to a 78.6% retracement at 0.0235. Ever since testing 78.6%, price has been sticking to the 61.8% at 0.0257, as can be seen on the chart above, marked in red, as ranging took hold. I explained in my previous LTC/BTC analysis that was very likely to happen because of the conflicting technicals, "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."
And a clearer direction may well indeed establish itself, albeit not necessarily a new trend, note the difference. There seems to be a concerted effort to break free from 61.8%, as the Stochastics are now on their way down along with the AC turning red. I wouldn't be surprised to see price hit 78.6% at 0.0235 later this week.
Since the Litecoin vs Bitcoin's highs reached in late March, we've seen a huge retrace, with price coming back down to as low as 0.0224. In recent days has there been some stability, but we could be on the cusp of further bears.
Let's take a closer look at the latest LTC/BTC chart on the Daily timeframe:
Notice the long bear candle marked in a red ellipse. This has got sell written all over it, for so many reasons. Firstly, its body length is massive, and it is the first huge bear candle ever since the upsurge that began on the 4th of March. Just look how long the actual body is, it's upper wick isn't too shabby either, whilst possessing virtually no lower wick. Reading this candle on its own, without referring to anything else, is a powerful sign that a retrace could be on the way. But of course, we have other factors as well, such as price going way beyond the upper Bollinger, plus the Stochastic Oscillator crossing down from an overbought position. Take a look where this candle closed, right at the 38.2% Fibonacci retracement level at 0.0288, smashing straight through the 23.6% Fib.
Hence, we saw price fall even deeper, all the way to a 78.6% retracement at 0.0235. Ever since testing 78.6%, price has been sticking to the 61.8% at 0.0257, as can be seen on the chart above, marked in red, as ranging took hold. I explained in my previous LTC/BTC analysis that was very likely to happen because of the conflicting technicals, "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."
And a clearer direction may well indeed establish itself, albeit not necessarily a new trend, note the difference. There seems to be a concerted effort to break free from 61.8%, as the Stochastics are now on their way down along with the AC turning red. I wouldn't be surprised to see price hit 78.6% at 0.0235 later this week.
Bitget's Bitcoin Reserve Ratio Soars Over 300% Following Halving
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
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20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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