LTC/USD Technical Analysis – 23rd Feb 2014

Litecoin is following a familiar pattern this weekend. What’s happening right now isn’t necessarily obvious, but one couldn’t ignore the

Litecoin is following a familiar pattern this weekend. What’s happening right now isn’t necessarily obvious, but one couldn’t ignore the strong possibility.

Let’s take a closer look at the LTC/USD hourly chart (click to expand).

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ltcusdh1_23_02_2014

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First thing we notice is how, for the past twelve hours or so, price has been following a trajectory not to dissimilar to that of the middle Bollinger band (marked with a green line). This is a clear indication of a smooth trend. The longer this goes on for, the more probability that the smooth trend shall not continue. That’s not to say the trend itself won’t continue, note the difference. But expect increased fluctuation.

Four hours ago price closed above the upper Bollinger band with the Accelerator Oscillator turning red. Price then dropped to the 23.6 Fibonacci retracement level. At just as I type this, the Stochastics (10,6,6), which are overbought, have started to cross downwards.

I would expect price to hit 15.0 later today.

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