LTC/BTC Technical Analysis – 28th March 2014

During my last technical analysis for 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 on the 26th of March, I mentioned how the 23.6% Fib level could be a struggle for price to go beyond. Indeed, not only was it a struggle, it was outright rejection.

, however, having said that, I still didn't expect such a rapid bounce off that level.

I've copied here the chart from two days ago, so we can see what price was doing at the time of my analysis. As you can see, it was just hovering around the 23.6% Fib level at 0.0285:

And now lets look at today's chart:

Pretty conclusive. I've adjusted the Fibonacci study to cater for the new low of course. The candle marked with a red arrow is the one that initiated the drop, and it coincided with 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 turning red.

Once again, price has retraced back to the (new) 23.6% Fib level at 0.0279, and once again, it's bounced off there, although not with the same vigour as it did with the first one. However, the Stochastics are still heading up, far from being overbought, and the AC and AO are both green, so we could yet see further tests of this level over the next few candles.