LTC/USD Technical Analysis – 21st April 2014

Litecoin is in the midst of a period of consolidation when observing from a longer term timeframe, fluctuating between two key levels.

Let's take a closer look at the latest LTC/USD Daily chart below (click to expand):

I've performed the Fibonacci study from the low of the year at 7.91, until the high of the month at 14.23.

It's interesting to note that on this occasion, as is so often the case, the swing low was at the touching of the lower Bollinger band, and the swing high was at the touching of the upper Bollinger band. It's the genius of John Bollinger to devise such bands which help to identify natural and potential zones for support and resistance. Even more interesting is the low of the retrace marked in a blue ellipse. Even though price closed just above the 38.2% Fib (on the left bear candle), it actually used the middle Bollinger line as support, as did the following candle. The middle Bollinger line is often used to exit positions.

In my previous Litecoin analysis, I mentioned, "The candlestick patterns of the latest three candles signify indecision as well, since all three of them are either spinning tops or dojis. Also, like 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, there are conflicting technicals on higher timeframes, so it’s hard to envisage either the bulls or bears taking a stranglehold of the market right now." Indeed, this holds true today. Since the touching of the lower Bollinger band, we've seen some ranging over the next few candles, with price testing 23.6% at 12.75 a number of times. It's hard to see price breaking above 23.6% since we have 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 turning red, and the Stochastics heading south from an overbought position.

I wouldn't be surprised to a see a drop down to 38.2% at 11.8 later this week.