Litecoin has been heading down since the 20th of this month, initiated by some strong bearish candlestick price action, but that might be about to change.
Let's take a closer look at the latest LTC/USD H4 chart below (click to expand):
I've performed the Fibonacci study from the weekend swing low at 11.42, until the high of this week at 12.98 (essentially 13).
Firstly, focusing on the reasons for the initial downtrend from the high of 12.98 on the 20th, there are two main candles responsible for the fall, circled in red. As you can see, they both had long upper wicks, much longer than their bodies, with negligible lower wicks, meaning they can be classified as shooting stars. What's more, both of them tested 13.0, but the resistance here held firm, proving once again the powerful nature of psychological whole numbers.
So we have powerful reversal candlestick patterns with a strong psychological resistance - plus on the second candle, the Accelerator Oscillator turned red. Other technicals provided further corroboration; including Stochastics bearing south from overbought territory and the Awesome Oscillator turning red, meaning overall this was a potent reversal, and consequently, price fell quite a distance, reaching the 78.6% Fibonacci retracement level at 11.8 (marked in blue),
"I wouldn’t be surprised to a see a drop down to 11.8 later this week."
Since the testing of 78.6% however, we've seen some consolidation, with all four following candles forming spinning tops - classic ranging in action. Could this signify a potential bullish reversal? Quite possibly, because in conjunction to this latest price action, we also have the Stochastics now crossing north from an oversold position, along with the AC turning green.
Whether this means we're going to see bulls take over is hard to say, but at the very least, I'm confident of price testing 61.8% at 12.0. If it does break this however, then we could see bulls take hold for the short term at least.
Litecoin has been heading down since the 20th of this month, initiated by some strong bearish candlestick price action, but that might be about to change.
Let's take a closer look at the latest LTC/USD H4 chart below (click to expand):
I've performed the Fibonacci study from the weekend swing low at 11.42, until the high of this week at 12.98 (essentially 13).
Firstly, focusing on the reasons for the initial downtrend from the high of 12.98 on the 20th, there are two main candles responsible for the fall, circled in red. As you can see, they both had long upper wicks, much longer than their bodies, with negligible lower wicks, meaning they can be classified as shooting stars. What's more, both of them tested 13.0, but the resistance here held firm, proving once again the powerful nature of psychological whole numbers.
So we have powerful reversal candlestick patterns with a strong psychological resistance - plus on the second candle, the Accelerator Oscillator turned red. Other technicals provided further corroboration; including Stochastics bearing south from overbought territory and the Awesome Oscillator turning red, meaning overall this was a potent reversal, and consequently, price fell quite a distance, reaching the 78.6% Fibonacci retracement level at 11.8 (marked in blue),
"I wouldn’t be surprised to a see a drop down to 11.8 later this week."
Since the testing of 78.6% however, we've seen some consolidation, with all four following candles forming spinning tops - classic ranging in action. Could this signify a potential bullish reversal? Quite possibly, because in conjunction to this latest price action, we also have the Stochastics now crossing north from an oversold position, along with the AC turning green.
Whether this means we're going to see bulls take over is hard to say, but at the very least, I'm confident of price testing 61.8% at 12.0. If it does break this however, then we could see bulls take hold for the short term at least.
Federal Prosecutors Charge Samurai Wallet Founders with Money Laundering
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.
Don't miss out on this 5-second invite packed with energy and urgency!
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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
#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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Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
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
Register now to secure your spot: https://bit.ly/3JbUpCK
#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.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #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?
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
Register now to secure your spot: https://bit.ly/3JbUpCK
#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
Register now to secure your spot: https://bit.ly/3JbUpCK
#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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