Litecoin vs Bitcoin has entered a period of consolidation since yesterday, and it's not as if the market has come to a standstill; price action tells us there's a mammoth of a fight occurring between the bulls and the bears in order to gain supremacy.
In yesterday's LTC/BTC technical analysis, I posted the following H4 chart (click to expand):
Where I mentioned, "Take a look at the candle marked in a red circle; it is a) completely contained outside the Bollinger band, b) a spinning top, possessing a relatively long upper wick. All in all, warning signs for the bulls. I can definitely see price now falling to the 38.2% Fibonacci retracement level, but whether it can push beyond there, it's hard to say, since we still many indicators giving bullish signals"
Unsurprisingly, this is what exactly happened, as we can see via the current LTC/BTC H4 chart below (click to expand):
So price tested 38.2% at 0.024, bouncing up to above the 23.6% level, before re-testing 38.2% two more time, without being able to break it. Take a look at the candlesticks marked in white - we can see how they possess extremely long wicks, the first with a long upper wicks and the next two with long lower wicks. All this, whilst price is pretty much at the same location as it was yesterday. At the same time, we have conflicting technicals, such as Accelerator Oscillator as red and the Awesome Oscillator as green.
I expect the status quo to continue for at least the next few bars, by which time the Stochastic Oscillator will probably present itself in an overbought position, in which case we'll need to seek further corroborating technicals.
Litecoin vs Bitcoin has entered a period of consolidation since yesterday, and it's not as if the market has come to a standstill; price action tells us there's a mammoth of a fight occurring between the bulls and the bears in order to gain supremacy.
In yesterday's LTC/BTC technical analysis, I posted the following H4 chart (click to expand):
Where I mentioned, "Take a look at the candle marked in a red circle; it is a) completely contained outside the Bollinger band, b) a spinning top, possessing a relatively long upper wick. All in all, warning signs for the bulls. I can definitely see price now falling to the 38.2% Fibonacci retracement level, but whether it can push beyond there, it's hard to say, since we still many indicators giving bullish signals"
Unsurprisingly, this is what exactly happened, as we can see via the current LTC/BTC H4 chart below (click to expand):
So price tested 38.2% at 0.024, bouncing up to above the 23.6% level, before re-testing 38.2% two more time, without being able to break it. Take a look at the candlesticks marked in white - we can see how they possess extremely long wicks, the first with a long upper wicks and the next two with long lower wicks. All this, whilst price is pretty much at the same location as it was yesterday. At the same time, we have conflicting technicals, such as Accelerator Oscillator as red and the Awesome Oscillator as green.
I expect the status quo to continue for at least the next few bars, by which time the Stochastic Oscillator will probably present itself in an overbought position, in which case we'll need to seek further corroborating technicals.
Crypto Mining Company Argo Reduced Losses by 85% in 2023
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.
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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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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#fmas #fmas24 #fmevents #networking #finance #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?
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
Register now to secure your spot: https://bit.ly/3JbUpCK
#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
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#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.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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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.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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