*Coin Telegraph
GOOD EVENING STEEMIT!
So it's Sunday night and I'm just settled in front of the TV watching some Davis Cup tennis as I do some weekend charting.
God I wish I was totally free from weekday responsibility and I could turn into a nocturnal sports fan, but unfortunately that is not (yet) the case. Just a quick blog tonight before I hit the hay.
CHARLIE LEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE!!
Have you guys seen that BiteSizeBitcoin YouTube bloke?
Get's me every time when we yells out CHARLIE LEEE and I can't think or speak of Litecoin anymore without hearing that name screamed in the back of my head. It's worth a look if you haven't, his analysis is great and the videos are always fun... even if they are a little bit on the long side, you should make the time and effort.
Anyway, eyes on the prize and back onto looking at where the Chiese/JPM FUD drop bottomed out. The other day I took a look at where Bitcoin turned and today I want to shift focus to Litecoin.
Fuck Bitcoin, I'm all about that Litecoin! Let's take a look at the chart:
LTC/USD Daily
But seriously, check out that level!
That juicy, juicy zone where price bounced out of. In the midst of absolute fear and panic selling, price actually wasn't that panicked and irrational after all.
Who would have thunked it?! :)
Well if you bought the mother fucking dip, then congratulations because you're sitting pretty right now. If you haven't then let's just wait and see how this trend line retest plays out.
It's the same concept that I was speaking about in my previous post where altcoins are obviously waiting to see if Bitcoin can get back above previous support that is now capping price as resistance. If it can, then Litecoin is going to rip back through that trend line and reactivate it as support.
For me, this is the key piece of price action I'm looking for.
Enjoy what's left of your weekend or I'll see you up bright and early on Twitter tomorrow morning.
Peace.
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