Not much hints were available to explore as this seems to be totally a "HODL" high with respect to big players.
Some of the reasons why this correction may fail and LTC may consolidate for certain amount of time and start bullish again.
1. Too much media attention roped in new players who were capable of generating incredible support anything below $90 mark.
2. Everyone playing realized Litecoin / bitcoin and other coins alike are here to stay and not worry much about a 30% correction at most that could happen.
3. Technical analysis suggest that super resistance is in the offering at $101 mark. It'll consolidate around this mark for few more days or at least until those
sold at All Time High start investing back again realizing correction fail which in turn serve as new strong support level.
4. Even with the flash correction it was observed that incredible support was offered possibly by old players or new players who saw the opportunity to fit right in.
5. Most of the people expected the correction this time than before and sold everything at once where new players were just jumping in on the bandwagon causing
a strong flash crash with jump back up in no time.
6. 100 day SMA is closing in at the top which possibly could increase confidence in traders to move in.
The above analysis is solely my understanding about the things that were observed in the past 2 days and this analysis must not be considered as an investment advise.
LTC is drunk and it'll stay high :P
Thank you for your time and good day.
Happy trading.
Some of the reasons why this correction may fail and LTC may consolidate for certain amount of time and start bullish again.
1. Too much media attention roped in new players who were capable of generating incredible support anything below $90 mark.
2. Everyone playing realized Litecoin / bitcoin and other coins alike are here to stay and not worry much about a 30% correction at most that could happen.
3. Technical analysis suggest that super resistance is in the offering at $101 mark. It'll consolidate around this mark for few more days or at least until those
sold at All Time High start investing back again realizing correction fail which in turn serve as new strong support level.
4. Even with the flash correction it was observed that incredible support was offered possibly by old players or new players who saw the opportunity to fit right in.
5. Most of the people expected the correction this time than before and sold everything at once where new players were just jumping in on the bandwagon causing
a strong flash crash with jump back up in no time.
6. 100 day SMA is closing in at the top which possibly could increase confidence in traders to move in.
The above analysis is solely my understanding about the things that were observed in the past 2 days and this analysis must not be considered as an investment advise.
LTC is drunk and it'll stay high :P
Thank you for your time and good day.
Happy trading.
Comment:
Just as I thought. It broke through the resistance levels and now in an uncharted territory. Lite coin is just wild.
