Litecoin price continued rallying today to print a high of around $2.14 a couple of hours before writing this analysis. Although the price rose to test the 23.5% Fibonacci retracement level at $2.12 today, the following hours will decide whether or not litecoin price will manage to break through this essential resistance level.
By studying the 4 hour Bitfinex (LTC/USD) chart from , plotting the William’s Alligator indicator and drawing Fibonacci retracement levels along a trend line that extends between the low reached on the 14th of January at around $1.10 and the high reached on the 26th of Jamuary at $2.44 (look at the below chart), we can notice the following:
– Litecoin price rose yesterday from around $1.9 to $2.14 earlier today, before price correction pulled the price down to $2.02 at the time of writing of this article.
– The 23.6% Fibonacci retracement level at $2.12 resisted an increase in litecoin price. It seems that the price will rise to test this level again, however, it is unlikely to see this resistance broken within the next 24 hours.
– The SMAs of the William’s Alligator indicator are exhibiting a bullish alignment, so we expect the price rise to test the $2.12 resistance level again.
relax, it's all written in formulas:
1, 2008-2011 ($ 0.001) : Genesis block, nerds convincing nerds to code and build Bitcoin by the White Paper of Satoshi Nakamoto
2, 2011-2014 ($ 100.00): TEA, Technical Early Adaptors, first universities adopting master programs, pioneering tech companies join and such business angels
3, 2014-2015 ($ >100.00): TEM, Technical Early Majority, All serious tech companies and serious tech universities are on board of Bitcoin
4, 2015-2016 ($ 1,000.00 - 10,000.00): IEA, Investors Early Adaptors, Non Tech Private Commercial industries enters the Bitcoin Ecosystem
5, 2016-2017($ 10,000.00 - 100,000.00): IEM, Investors Early Majority, Public and Government Backed funding and investments on International (Stock) Exchanges