TNasr

Fibonnacci LTC Analysis

BITFINEX:LTCUSD   Litecoin / U.S. Dollar
On March 9th             Litecoins price retraced to the Fibonnacci .618 support line (about 160.5) which proved a strong support. The next day LTC extended to the . 382 retracement (about 195.8) near perfectly which also served as a strong resistance. At the time of writing LTC is still oscillating within this band and RSI is not showing any bullish or bearish signs. MACD is very slightly bearish and volume on the latest green candle is extremely low. In order to break an upward trend line from the Feb. highs; a potentially bullish development, we would need to pass roughly 193 by tomorrow, Mar. 13, 191 by the 14th, or 189 by the 15th. For those holding a prudent sell stop would be in the upper 150s b/c if 160.5 (the .618 Fibonnacci support) breaks, this could lead to more downside with 135 being the next support line.
Trade closed: stop reached: The .618 support has been breached thus we look down and I am short term bearish on LTC with a Buy Limit entered for half my position at 137, roughly two dollars above the .786 retracement. Will initiate the second half of my position at a lower price if .786 is also breached.
Good analysis and description, thanks keep up the work!
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TNasr J_bank
Thanks J_bank @J_bank,
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