TNasr

LTC has probably bottomed

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
For context please note this chart uses candlesticks which each represent a one day time period, the entire scope of the chart is roughly two months. As MACD and RSI are not sending any overtly bearish or bullish signals we will look at price behavior, Fibonacci levels based on the most recent trend up fro Feb. 6 - 20, and volume . Price wise LTC has been holding relatively well and steady in the 160's for the past few days, this represents a solid break above a linear trend line visible in green, a moderately bullish development.

It appears based on the Fibonacci that Litecoin may have bottomed when she retraced to the .786 on Mar. 18 (circled in yellow) touching 136 and devoid of any break below that level the bias will be to the upside. This is reinforced by the very low level of volume on the latest move down, circled in red towards the bottom right of the chart. Our next line of resistance will be the 50 day moving average (recently breached) and/ or an extension past the .5 resistance line, equating to 178.8. I want to emphasize the importance of studying viewpoints contrary to yours, if you are long study short analysis and vice-versa and be willing to change your mind, be like water.
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