LTC/USD Technical Analysis – 17th April 2014

Litecoin hasn't been able to break free from the shackles imposed upon it by the recent bears, although we may see some equilibrium be established within the coming hours.

During yesterday's technical analysis on Litecoin, I explained by way of the chart below:

"Right now price has pushed down to the 38.2% Fib (at 12.42), which I expect to hold for a few candles at least."

Actually, it held for more than a few candles, as 38.2% proved to be a decent support, holding for almost twenty candles (in this case twenty hours as we're on the H1), marked by the blue arrow, as can be seen below (click to expand):

It's only in the past couple of hours price has managed to break past 38.2%, although not by much, since just below the 38.2% Fib, we have the price mark of 12, a natural resistance line, since it's a psychological whole number. Indeed, upon touching 12, price immediately rose back to 38.2%.

With the Stochastics entering oversold territory, I would expect price to continue to hover between 38.2% and 12 for the next three to four hours. The candlestick patterns of the latest three candles signify indecision as well, since all three of them are either spinning tops or dojis. Also, like 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, there are conflicting technicals on higher timeframes, so it's hard to envisage either the bulls or bears taking a stranglehold of the market right now.