After yesterday's unexpected drop, Litecoin manages to settle down, for the time being at least.
Let's take a closer look at the LTC/USD chart on H4 (click below to expand):
I've performed the Fibonacci study from the swing high at 17.00, until today's low at 12.4.
As can be seen, following the sell of, there was actually a pretty large retrace this morning until it closed at the 38.2% Fib level at 14.3 around 5am GMT, circled in red. Price then rose further to the 50% level, before dropping back down to the 23.6% level at 13.46.
Now, take a look at the candle which tested 50%. It has a very long upper wick and a minimal lower wick, a very strong bearish candlestick price action. Subsequently, the next candle closed as a bear candle, but its upper and lower wicks are of equal length, indicating possible indecision. The thing is, we have the Accelerator Oscillator turning green, with the Stochastics crossing upwards, so it is possible price could test 23.6% again before bouncing up to 38.2%.
Right now, price is smack in the middle between 23.6% and 38.2%, I expect it to remain within the confines of these two Fib lines for the next few candles. If price breaks 38.2% at 14.13 however, we could see another rise to 14.6.
After yesterday's unexpected drop, Litecoin manages to settle down, for the time being at least.
Let's take a closer look at the LTC/USD chart on H4 (click below to expand):
I've performed the Fibonacci study from the swing high at 17.00, until today's low at 12.4.
As can be seen, following the sell of, there was actually a pretty large retrace this morning until it closed at the 38.2% Fib level at 14.3 around 5am GMT, circled in red. Price then rose further to the 50% level, before dropping back down to the 23.6% level at 13.46.
Now, take a look at the candle which tested 50%. It has a very long upper wick and a minimal lower wick, a very strong bearish candlestick price action. Subsequently, the next candle closed as a bear candle, but its upper and lower wicks are of equal length, indicating possible indecision. The thing is, we have the Accelerator Oscillator turning green, with the Stochastics crossing upwards, so it is possible price could test 23.6% again before bouncing up to 38.2%.
Right now, price is smack in the middle between 23.6% and 38.2%, I expect it to remain within the confines of these two Fib lines for the next few candles. If price breaks 38.2% at 14.13 however, we could see another rise to 14.6.
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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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.
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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
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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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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?
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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
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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.
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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.
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