LTC/USD Technical Analysis – 2nd May 2014

After reaching a week high of 11.4, Litecoin continues its bearish retraces from yesterday’s initiation. In my last LTC/USD technical

After reaching a week high of 11.4, Litecoin continues its bearish retraces from yesterday’s initiation.

In my last LTC/USD technical analysis, I posted the following chart (click to expand):

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ltcusdh4_01_05_2014

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Where I explained, “Look at the candle marked in white; a number of factors combined here: a) The upper wick was the same length as it’s body, b) The upper wick was entirely contained outside of the Bollinger Bands, c) The Accelerator Oscillator had turned red, d) The Stochastic Oscillator were in overbought territory, and beginning to cross down. These factors on their own are often enough to help price push down… it’s almost inevitable we’re going to see a bounce (down).” This is precisely what happened as today unfolded, indeed we’ve also seen the Awesome Oscillator follow suit (in turning red), along with the Parabolic SAR dot appearing above the candlesticks, as we can see via the current LTC/USD H4 chart below (click to expand):

ltcusdh4_02_05_2014

Right now, price is hovering around the 50% level, at just above 10.5. Since we’re having conflicting signals on H4 and the Daily (e.g. Awesome and Accelerator are green on D1, but red on H4, Stochastics are heading up on D1 but down on H4), we’re likely to see less action as the weekend closes in.

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