After the hike we discussed yesterday, it was anticipated that Litecoin vs Bitcoin would break the 23.6% Fib retracement level at 0.0255 that I mentioned. Since then, it has gone on to test the 50% level on two occasions.
Below is the chart I posted yesterday:
Where I commented,
“In short, we’re probably going to be seeing price break the 23.6% Fib level sooner rather than later.”
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The break actually happened quicker than I even expected, smashing straight through the 38.2% to reach the 50%, testing it twice, virtually to the exact pip, once last night and once this morning, circled in blue, as can be seen by way of the current chart below (click to expand):
So far, price has been unable to break 50%, and the price action of last few candles signify indecision, regardless of what the other technicals may be indicating. The current candle is a spinning top, and the previous two were bull candles but possessing relatively long upper wicks without any lower wicks. This is a classic sign of consolidation.
Indeed, the latest candle’s upper wick is a test of the 23.6% Fib and its lower wick is a test of the 50%.
Thus, I expect price to continue to fluctuate between these two percentage levels for the rest of the day.