EuroMotif

LTCUSD near term Support & Resistance: Litecoin retrace watch 1

COINBASE:LTCUSD   Litecoin / U.S. Dollar
Quick plot to present some nearby Support and Resistance zones to watch.
Chikun was a bit lethargic this last leg, but only because it lead the way early on.
The King determines overall sentiment, but LTC is the "Canary in the Coal Mine".

I did not have time to post this Idea in real time, but was posting in TV chat.
Also, I will post a bigger picture later, but am still looking for $150 per this Idea
And dont miss my plots for BTC , ETH , and many ALTS. Check my Page here

Even while things were flying, me and others were sharing views in real time.
Some of us executed scalps on LTC and others for 3-5% gains in just 3-5 minutes!
Below are links to chat archives, showing how this method helps derive zones.

Click these links in order to see the progression and methodology used:
https://www.tradingview.com/chat/m/e12eb...
https://www.tradingview.com/chat/m/5296c...
https://www.tradingview.com/chat/m/16cbc...
https://www.tradingview.com/chat/m/1dc2f...
https://www.tradingview.com/chat/m/fc5fe...

Some authors ask you to follow them elsewhere for updates.
Why? Because they want you pay them for something.
TV chat is free, and people sharing have no monetary agenda.
Comment: Bitfinex FUD, making a mess of things. But LTC held the 84 zone like a champ That was the 2.236 of fib up (seen in bright green on left) and that is where I expected strongest support. Lets see if this holds, or if US session brings more FUD.

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Comment: Looks like we might drop to the 80.xx zone. 84.xx zone holding thus far, but is getting rejected by subsequently lower fibs. Also, in the past FUD at tops comes in at least 3 rounds. So I am expecting another round of 'scary' news to drop prices. But if not, fine too, have been buying back the coins I sold near 100. Drop to $80 would get me back to have a few more coins that I did before selling.

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Comment: I have posted an update, although NOT titled "retrace watch" is a study of the dreaded 9.618, chikun's blow off top, and results there of. It does point to some possible support areas to look for.

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