Adohgg
Short

Huobi LTCCNY: New bottom target of 39.xx CNY

HUOBI:LTCCNY   Litecoin / Chinese Yuan
Litecoin continues its downward trend to create a new bottom of 39 CNY , lower than the previous bottom. I continue to believe my previous assessment that Litecoins fundamentals are no longer enough to keep it in the position as the second place coin. Unless something very extraordinary(i.e, Litecoin on Coinbase) happens to Litecoin at this point, it's bound to continue its inevitable deflation.

In my opinion this is still an excellent short.
Man I'm so glad I sticked to my profit-taking plan :D
Reply
Adohgg HerSerenity
Yeah, excellent prediction there. I closed slightly above after I woke up and noticed what was happening, but great guess. Reshorted 796 futures at 7.5 though.
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Yup there's an extremely strong resistance up there (big fibo retracement, 2x 0.5 of pitchfork+pitchfan), could easily become one of those legendary 10-minute-rally-bulltraps we've seen so often with LTC.
+1 Reply
Agreed, LTCBTC hasn't bottomed out either making it a better short than BTC at the moment.
Though I'm gonna take first profits at 43.50, see my chart to the right.
Reply
StefanP HerSerenity
LTC can test again 0.01 maybe lower if people don't want buy... VERY STRONG BOTTOM 0.008 - 0.0075
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StefanP StefanP
*LTCBTC
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I agree in 99% :)
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