In less than two weeks, Litecoin has lost almost 40% of its value - can anything catch this falling knife?
As crazy as it sounds - quite possibly is the answer.
Let's take a closer look at the LTC/USD chart on the Daily timeframe (click to expand):
I've performed the Fibonacci study from the low of this year at 10.7, until the high of this month, at 21.1.
As we know there was a sharp drop from the 19th, and despite some hope at the start of this week, the bears haven't abated. For the past few days, the Awesome Oscillator and Accelerator Oscillators have been red indicated further selling, but there is a glimmer of hope.
Take a look at the candle from two days ago, in a blue ellipse. Two interesting observations here. Firstly, the candlestick in question is a spinning top candlestick, where the upper and lower wicks were almost identical in length with price closing almost where it opened. So even though the small body of the candle displays barely any movement from its opening to its closure, the relatively long upper and lower wicks tell us that both the bears and the bulls were in action during the candle formation, in this case, over a 24 hour period, since we're on the D1 timeframe. Point being, this type of price action can signify indecision. Secondly, look where its lower wick reached - the 78.6% Fib retracement level.
Indeed, as I write this analysis, Litecoin is again hovering around the 78.6% Fib level, and this, along with the fact 78.6% coincides with the price mark of 13.00, an important psychological whole number; is providing some support for the meantime. We also have the Stochastics in oversold territory, which may turn around in the next few candles.
However, that's all academic - since, if price closes below 78.6% / 13.00, then I fear we could see a re-test of the year low come April.
In less than two weeks, Litecoin has lost almost 40% of its value - can anything catch this falling knife?
As crazy as it sounds - quite possibly is the answer.
Let's take a closer look at the LTC/USD chart on the Daily timeframe (click to expand):
I've performed the Fibonacci study from the low of this year at 10.7, until the high of this month, at 21.1.
As we know there was a sharp drop from the 19th, and despite some hope at the start of this week, the bears haven't abated. For the past few days, the Awesome Oscillator and Accelerator Oscillators have been red indicated further selling, but there is a glimmer of hope.
Take a look at the candle from two days ago, in a blue ellipse. Two interesting observations here. Firstly, the candlestick in question is a spinning top candlestick, where the upper and lower wicks were almost identical in length with price closing almost where it opened. So even though the small body of the candle displays barely any movement from its opening to its closure, the relatively long upper and lower wicks tell us that both the bears and the bulls were in action during the candle formation, in this case, over a 24 hour period, since we're on the D1 timeframe. Point being, this type of price action can signify indecision. Secondly, look where its lower wick reached - the 78.6% Fib retracement level.
Indeed, as I write this analysis, Litecoin is again hovering around the 78.6% Fib level, and this, along with the fact 78.6% coincides with the price mark of 13.00, an important psychological whole number; is providing some support for the meantime. We also have the Stochastics in oversold territory, which may turn around in the next few candles.
However, that's all academic - since, if price closes below 78.6% / 13.00, then I fear we could see a re-test of the year low come April.
Strike's Expansion into Europe Accelerates Bitcoin Adoption
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
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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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
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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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
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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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
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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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
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #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?
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
Register now to secure your spot: https://bit.ly/3JbUpCK
#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
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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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.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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