In the last updates, I presented a scenario which has played out just about perfectly. My initial downside target of 144 has been reached (announced over twitter @sessinpo). The boxed area represents what one would expect normally. First a rally back up to the 156 area then another wave down to new lows which may hit the 133 area.
The sentiment was so bullish with LTC being listed on a Korean exchange which was a perfect time for a crash. I thought it over. Some were making such a big deal out of $99 million worth of LTC going to Korea. My way of thinking was that when those $99 million worth of LTC were being bought up, that tightened supply, thus price went up. Now that those LTC are being released, the supply is back up causing the price to fall. Add to that the general decline in BTC and you have a crash in the makings.
As always, not trading advice other then to manage your risk.
The sentiment was so bullish with LTC being listed on a Korean exchange which was a perfect time for a crash. I thought it over. Some were making such a big deal out of $99 million worth of LTC going to Korea. My way of thinking was that when those $99 million worth of LTC were being bought up, that tightened supply, thus price went up. Now that those LTC are being released, the supply is back up causing the price to fall. Add to that the general decline in BTC and you have a crash in the makings.
As always, not trading advice other then to manage your risk.