LTC/USD Technical Analysis – 30th April 2014

Wow, the bulls of Litecoin have really stamped their authority today, after the struggle to establish a clear direction for

Wow, the bulls of Litecoin have really stamped their authority today, after the struggle to establish a clear direction for this week.

In my last LTC/USD technical analysis, I posted the following chart:

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ltcusdh4_28_04_2014

I explained that, after the downtrend, I felt,

“We may see some retracement here, since there is a corroboration for our oversold Stochastics, in that both the AC and the AO have turned green.”

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Although,

“there may be some ranging for the next few hours.”

And the market did precisely that, eventually retracing to the 50% line, as can be seen below, circled in red (click to expand):

ltcusdh4_30_04_2014

In addition, the 50% is a psychological round number of 11, thus providing further resistance.

Right now, price has just dropped back down to the 38.2% Fibonacci retracement line, and if you look at the Stochastic Oscillator, it just about to turn back down from an overbought position. I strongly suspect the Accelerator Oscillator will turn red by tomorrow as well, by which time we may well see break below 38.2%.

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