LTC/USD Technical Analysis – 21st Feb 2014

Analysis provided by Ashton Fraser, learn more about his trading strategies at Forex Reversal.

Lets take a look at the M30 Litecoin chart below:

First thing we'll notice is the strong intra-day downwards white trendline that's holding firm so far. It's been tested five / six times, which, for a space of less than a day, is fairly significant.

Price fell from a high of 14.5 late last night / early this morning, reaching a low of 13, an important psychological whole number, at which point you could have expected a reaction. Subsequently, price did rise again for a few hours, which if we zoom out and examine the hourly chart below (click to expand), we can see how it hit the 50% Fibonacci retracement level, just above the middle Bollinger band.

Since then, price has been hovering around the middle Bollinger line / 50% Fib level, but given now the Accelerator Accelerator An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he Read this Term Oscillator has turned bearish, and the Stochastics have crossed over, bearing down as well, then I would expect price to touch the 23.6% Fib level pretty soon.