LTC/BTC Technical Analysis – 7th March 2014

Analysis provided by Ashton Fraser, learn more about his Forex Reversals trading strategies.

Over the past 24 hours, we are seeing a compression of price on Litecoin vs Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term,

Take a look at the current LTC/BTC Hourly chart below (click to expand):

I've done the Fibonacci study from the low of this year at 0.0207 to the high of this month at 0.0275, on the 4th of March. What's interesting regarding the candle that closed at 2pm GMT on the 4th, is the colour of the Accelerator Accelerator An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he Read this Term Oscillator, namely red, indicating deceleration, further strengthened by three more facts. Firstly, that very candle had a small body whilst both it's upper and lower wicks were relatively long, secondly, the candle closed above the upper Bollinger line, and thirdly, Stochastics were approaching overbought territory.

Thus, price started falling, and within the next few candles, the Stochastics had crossed down and the Awesome Oscillator had turned red. Eventually price fell further, and this time, as soon as it hit the lower Bollinger band at 0.0245, it signified the start of the compression.

As mentioned at the very top, the last 24 hours have been particularly tight, as the Bollinger Bands are really squeezing movement, as shown in the white rectangular box, with it's channel being formed via the 23.6% Fib line at 0.026 and the 38.2% Fib level at 0.025.

I expect price to continue the squeeze for the rest of the day.