LTC/USD Technical Analysis – 24th April 2014

There was some hope for Litecoin to break above 12.0 this morning, but that has not turned out to be the case for the time being. Ultimately, it tested this point, but so far has proved to be a firm psychological resistance.

This was the LTC/USD chart I had posted yesterday evening:

"Since the testing of 78.6% however, we've seen some consolidation, with all four following candles forming spinning tops - classic ranging in action... Whether this means we're going to see bulls take over is hard to say, but at the very least, I'm confident of price testing 61.8% at 12.0."

So, fast forward to today's LTC/USD chart (below), we can see price did indeed manage to test 61.8% at 12.0, although it's been flatly rejected from going any further. What's more is that we now 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 and Awesome Oscillators turning red, with the Stochastics beginning to flatten out.

It could well be the market is gearing for a break below the 78.6% Fib, in which case we could see a testing of the low at 11.4 this week - however, I actually suspect we'll see some more ranging for the meantime between these two levels of 61.8% and 78.6%.