Litecoin has been falling all day today, initiated by some really bearish technicals. How far down will today's move reach?
During my analysis on LTC/USD last week, I discussed the how price was very likely to fall during midweek, before rising back to around 10.8, mentioning, "Conversely, we have some potentially bullish technicals on the Daily timeframe, so we may see a swift reversal back to this week’s high (at 10.8)."
And that's as far as it managed to reach, the week's resistance at 10.8 obviously proving too strong. In addition, there have been a multitude of indicators giving us southern signals for a number of hours, as we can see via the current LTC/USD H4 chart below:
I've performed the Fibonacci study from the low of the month at 9.76 until the high of last week at 10.8.
Look at the cluster of candlesticks circled in white - these give us a very strong clue concerning an impending reversal. Each one of them possess upper wicks that are longer than their lower wicks. This is very significant, as it's not often you get a consecutive number of candlesticks on the larger timeframes appearing in such a manner. At the same time we had the Accelerator Oscillator and Awesome Oscillator as red. In fact, it was the 23.6% Fibonacci retracement level at 10.56 that was preventing price from breaking through, but once the Stochastics joined the party as well, with its %K crossing below the %D, it was almost inevitable price would shatter the brittle line that was 23.6%.
Subsequently, we saw price plummet, with consecutive four hour bear candlesticks, all the whilst possessing once again, longer upper wicks than their lower ones.
Right now price is hovering along the 50% mark, at 10.3 (marked in blue). Often 50% is a place for a breather, and we can see how it's already been tested on the 9th. However on this occasion, I'm not sure it can hold for long, the bears still have a lot of momentum, and probably won't care much for this support. If 50% can't hold, I'd expect a drop to at least 61.8% at 10.16 by tonight / early tomorrow.
Litecoin has been falling all day today, initiated by some really bearish technicals. How far down will today's move reach?
During my analysis on LTC/USD last week, I discussed the how price was very likely to fall during midweek, before rising back to around 10.8, mentioning, "Conversely, we have some potentially bullish technicals on the Daily timeframe, so we may see a swift reversal back to this week’s high (at 10.8)."
And that's as far as it managed to reach, the week's resistance at 10.8 obviously proving too strong. In addition, there have been a multitude of indicators giving us southern signals for a number of hours, as we can see via the current LTC/USD H4 chart below:
I've performed the Fibonacci study from the low of the month at 9.76 until the high of last week at 10.8.
Look at the cluster of candlesticks circled in white - these give us a very strong clue concerning an impending reversal. Each one of them possess upper wicks that are longer than their lower wicks. This is very significant, as it's not often you get a consecutive number of candlesticks on the larger timeframes appearing in such a manner. At the same time we had the Accelerator Oscillator and Awesome Oscillator as red. In fact, it was the 23.6% Fibonacci retracement level at 10.56 that was preventing price from breaking through, but once the Stochastics joined the party as well, with its %K crossing below the %D, it was almost inevitable price would shatter the brittle line that was 23.6%.
Subsequently, we saw price plummet, with consecutive four hour bear candlesticks, all the whilst possessing once again, longer upper wicks than their lower ones.
Right now price is hovering along the 50% mark, at 10.3 (marked in blue). Often 50% is a place for a breather, and we can see how it's already been tested on the 9th. However on this occasion, I'm not sure it can hold for long, the bears still have a lot of momentum, and probably won't care much for this support. If 50% can't hold, I'd expect a drop to at least 61.8% at 10.16 by tonight / early tomorrow.
Binance Trial on Ice in Nigerian Court as Lawyers Demand Missing Documents
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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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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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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Looking to expand your network in #Africa?
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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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