After several hours looking into why I didn't see the Litecoin pump, I came to the conclusion I was looking at the wrong charts. LTCUSDT and LTCBTC are not really that important anymore (and those were the ones I was looking at). The important chart is really LTCCNY, considering China is exploding in volume and the Technical Analysis trend is quite easy to predict there. Check out the rising channel here. It looks hyper bullish.
Right now there are two options. It either continues to go up and reaches a resistance in the upper line of the ascending broadening wedge, or it goes down and bounces to then continue going up.
There is a smaller chance that it ends up breaking down to 235 CNY.
I haven't bought into the current rally yet (although I bought the pump three weeks ago and sold near 350 CNY / 46 USDT). Waiting to see if this goes up or down to decide if I should buy now or wait for the bottom to buy in.
Good luck :)
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I expect LTC to reach 600 CNY or 230-250 USD before February next year.
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I would like to clarify that where I wrote "ascending broadening wedge" I should have written "rising channel".
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I correct the previous statement. I expect LTC to reach 600 CNY or 88 USD in the upcoming months. Maybe won't be too long.
I think your more right than wrong about the downtrend play here. I don't see big money waiting on the sideline to support a price move up. I see players trying get in on a lower entry point. Maybe the price target will be 50 - 56 just maybe. Then I see a follow through with more selling than buying the price up. The bulls are just too weak right now. More traders are playing to hold. I see we might retest the support of mid to high 30s then a 40 -45 sideway move before an uptrend move. Also, I just don't buy the MIT August news, and also the hardfork BTC news will do more bad than good, because People already got their cash in the market for the past couple of month. There won't be enough new money that are willing to take on the risk at its current price levels. What do you think?
CryptoEngineering
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LTC $34- $36?
CoinMajesty
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@Johnsoy, Maybe lower.
CryptoEngineering
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@CoinMajesty, Thank you. So it is coming to touch $25.4 over the weekend.
CoinRat
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@CoinMajesty, Do you still believe it will bounce back and head toward $88 as you previously predicted? Thanks.