Analysis provided by Ashton Fraser, learn more about his Forex Reversals trading strategies.
LTC vs BTC has been rising steadily throughout the day.
Taking a closer look at the LTC/BTC H1 chart below, we can see that even though it’s been somewhat of an unsmooth ride, price has been following a clear upwards trajectory over the past 12 hours. Click on chart below to expand.
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Right now, it’s arduous to see price adhering to any clear cut technicals, but one thing we do know is that there may be some exhaustion arriving pretty soon. Just look at how many times the upper wick of so many candles have touched or gone beyond the upper Bollinger band over the past few hours. Quite a fair bit indeed.
However, with the Stochastics now overbought and seemingly crossing over, and with the Awesome Oscillator changing red a few candles ago, then I’d expect some consolidation for the rest of the day. There’s not enough in the technical to tell us a reversal is imminent, in fact – since the trend is still actually in play and being relatively strong, I wouldn’t be surprised for price to continue up after a period of consolidation, possibly touching the 23.6% Fibonacci retracement level.