Litecoin has been doing some interesting moves this morning and afternoon. Very interesting.
Lets take a look at the hourly chart below (click to expand).
We can see how price adhered to technicals here pretty much on every important reference point. I performed the Fibonacci study between the major swing low at 12.8 and the major swing high at 17.2. Now, it becomes very apparent how at EVERY major Fib retracement level, price reacted, almost to the pip, on multiple occassions.
Firstly, if you look at the recent low at 14.5 (marked with a blue arrow), you'll see that around that point, price was just touching the lower Bollinger line, Stochastics were underbought and heading up and the AC was green, and most importantly, price was touching the 61.8% Fib retracement level. Naturally AO followed suit on the next candle, because price rose significantly, much more than the ATR of 14.
We then saw price increase to the 38.2% Fib at 15.5 before consolidating for a few hours around the middle bollinger line, and then rising again until the 23.6% Fib level at 16.17.
Now at this point, it's clear that the 23.6% Fib level is a strong level of resistance, because look at how many times it's been tested. Four in total (highlighted in green). I doubt that this will be broken today, because of a number of factors.
Firstly, price is very high in relation to the upper Bollinger line, secondly, Stochastics have just crossed down whilst being undersold, and thirdly, the Accelerator Oscillator has turned red.
Hence, I expect price to come down and hit the 38.2% Fib level at 15.5 later today. If that happens to be below the middle Bollinger line when it occurs, then an even further retracement could occur, perhaps to the 50% level.
Analysis provided by Ashton Fraser, learn more about his trading strategies at Forex Reversal.
Litecoin has been doing some interesting moves this morning and afternoon. Very interesting.
Lets take a look at the hourly chart below (click to expand).
We can see how price adhered to technicals here pretty much on every important reference point. I performed the Fibonacci study between the major swing low at 12.8 and the major swing high at 17.2. Now, it becomes very apparent how at EVERY major Fib retracement level, price reacted, almost to the pip, on multiple occassions.
Firstly, if you look at the recent low at 14.5 (marked with a blue arrow), you'll see that around that point, price was just touching the lower Bollinger line, Stochastics were underbought and heading up and the AC was green, and most importantly, price was touching the 61.8% Fib retracement level. Naturally AO followed suit on the next candle, because price rose significantly, much more than the ATR of 14.
We then saw price increase to the 38.2% Fib at 15.5 before consolidating for a few hours around the middle bollinger line, and then rising again until the 23.6% Fib level at 16.17.
Now at this point, it's clear that the 23.6% Fib level is a strong level of resistance, because look at how many times it's been tested. Four in total (highlighted in green). I doubt that this will be broken today, because of a number of factors.
Firstly, price is very high in relation to the upper Bollinger line, secondly, Stochastics have just crossed down whilst being undersold, and thirdly, the Accelerator Oscillator has turned red.
Hence, I expect price to come down and hit the 38.2% Fib level at 15.5 later today. If that happens to be below the middle Bollinger line when it occurs, then an even further retracement could occur, perhaps to the 50% level.
Analysis provided by Ashton Fraser, learn more about his trading strategies at Forex Reversal.
Binance Assists Dutch Authorities in Exposing $30M Online Fraud
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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📣 Stay updated with the latest in finance and trading!
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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
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#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
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#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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