LTC / USD, BTC / USD, Technical Outlook # 96 (04/09/2012) for COINBASE: BTCUSD By Qluster-Research
The wait is on like Bitcoin Consolidates at USD 51K – below 0.618 fib retracement resistance.
Price action continues to knowWithdrawals making higher lows with each successive advance.
Bitcoin , BTC / USD – Daily (J1)
Recent editions of Technical Perspectives explore the Golden Ratio, also known as:
The Golden Ration guides nature – even prompting the financial markets to conform to its will …
Qluster analysts point out that Bitcoin is no exception.
The behavior of BTC The / USD trading pair around .618 has been promising so far. However, it is too early to pass judgment on a further rise to $ 57K.
Allow price action to confirm a prolonged bullish move by flipping the .618 into support.
Conclusion of Q
Bitcoin , BTC / USD – 4 hours (H4)
Bulls have a daunting but straightforward task of advancing support for a continuing uptrend.
As long as the BTC / USD continues to close above $ 49.2K in S4, this trend is expected to continue above $ 51K.
By ensuring an objective and comprehensive assessment of the technical aspects, Qluster analysts provide an idealized âworst caseâ scenario for the bulls above.
If that uptrend support doesn’t hold, stay alert for a retest of $ 46.8K – the 0.5 fib retracement level.
End of tonight Bitcoin Analysis In this weekend edition of Technical Outlook, Qluster analysts make special mention of Litecoin.
In our recent article, the technical forecast offered a warning to bears considering a short sale on Litecoin:
Don’t wake up to sleep Lion …
Since the post, it looks like someone has pushed the lion – Litecoin is awake and hungry.
Review the breakdown of the next move for Litecoin and rate the technical summaries noted under each chart:
Litecoin against Bitcoin , SLD / BTC – Daily (D1)
The buyers have successfully taken the 0.236 fib retracement area and currently appear to be consolidating.
Watch the H4 below and examine the consolidation progress
Litecoin against Bitcoin , SLD / BTC – 4 hours (H4)
Qluster analysts note aChart H4, with candle close above the 0.236 fib retracement level bodes well for consolidation.
Litecoin against Bitcoin , SLD / BTC – 1 Hour (H1)
Observe that the flag is progressing well, with an upside-down break starting to show.
Litecoin, LTC / USD – Daily (D1)
LTC / USD exploded above the D1 200MA.
Price action appears determined to flirt with the 0.5 fib retracement level at $ 257.
A word of warning to those considering a foray into weekend trading – the markets gladly oblige generous donations from impatient traders.
Avoid chasing pumps during illiquid weekend conditions and pay attention to potential purchasesgroupings.
To review for the next update.