I now am convinced that a rally to 360-380 target which I estimated earlier to hit on August 25 2015 (which corresponds with the LTC Halving day (sell the news event!)) will not occur anymore solely based on my earlier explanation of the whale selling its coins at the current levels. Of course if I am wrong, the scenario is still outlined on the chart (you can buy if the triangle breaks up or remain on my earlier trade buy recommendation from 276 area published on twitter). In my opinion this market maker will take the market down with him after trapping everyone at 285-31x (fake out) area to rebuy at much lower price around several key areas seen in my chart initially as the blue dotted lines:
279-275 -> this area has already been hit, I expect it to fail soon.
250-257 -> first area of high buy interest with a Fib of 0.618
238-243 -> second area of buying interest opportunity (chances of being hit is rather low for now)
Even if those levels are reached, the uptrend and market still remains INTACT as long as we remain above the bottom blue dotted line (238-243) area.
I also see that we are potentially having a round bottom within ANOTHER bigger round bottom, that's right! It is like a Bitcoinception - refer to this chart of mine:
As always use caution when trading BTC and be smart about your entries.
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News Article Reference:
Was Litecoin Pumped by a Chinese Ponzi Scheme? July 11 2015