Analysis provided by Ashton Fraser, learn more about his trading strategies with the forex reversal indicator.
Since yesterday morning Litecoin has risen consistently, up until the early hours of today, where we’re now seeing some consolidation.
Let’s take a closer look at the LTC/USD chart on the M30 timeframe below:
I’ve performed the Fibonacci study from the start of the rise yesterday at just above 15, until today’s high at 16.4.
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Look at how smoothly price hiked for over thirty candles. Almost 90% of them were bull candles, likewise over 90% of the Awesome Oscillator were green bars. The move up wasn’t a sudden rise like we often see in crypto currency trading; but rather this was a considered yet consistent trajectory.
Since then price has dropped to the 38.2% Fibonacci retracement level (marked with a blue circle).
However, take a look at the latest technicals, (marked with a white ellipse). The Accelerator Oscillator has been green for a few candles, with the Awesome Oscillator having followed suit within the past hour. Also, we have the Stochastics oversold/underbought, and are now crossing upwards.
Hence, I am expecting price to rise again, for the short term at least, possibly re-testing today’s high at 16.4.
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