Price Correction Evident On 1 Day Charts:
By examining the 1 day (LTC/USD) charts from Bitfinex (look at the below chart); plotting the 20,50 and 100 EMAs and executing a Fibonacci resistance fan along a trend line that extends between the low reached on the 29th of October ($2.79) and the high printed on the 4th of November ($5.38), we can notice the following:
After scoring a high of $5.38 last Wednesday, litecoin price started a downside price correction wave that is now testing the 0.25 Fibonacci resistance fan level.
It seems that the price will drop to test 0.25 Fib retracement level at around $3.4, before we can see it heading North again.
The MACD is slightly above the zero level, yet the positive blue trend line and red negative trend line are converging and we can see the red line cross below the blue line soon, which reflects the market’s current selling power.
http://www.newsbtc.com/2015/11/06/litecoin-price-analysis-for-5112015-mirroring-bitcoins-price-correction-wave-copy-cat/
