ronfkingswanson

Converging trends aiming for first moments of 2014, next pump?

Long
BTCE:LTCUSD   None
355 views
2
Approaching the end of this second possible pump and hold period, with the cycle anchored on wednesdays, rather than the clear weekend crashes of the recent bubble. If prices drop out of the first fib channel and cross the second, a third pump period could be less likely, though there no clear indicators that an immediate panic sell and new all-time lows would result (despite all the bearish expectations around here lately at the slights rolloff into red).

Multiple trendlines are converging right at the moment of New Years (before midnight west coast, just after the ball drops on the east coast). The double top @24.0, caused by repeated attempts on a 20-30K ask wall, now simply needs a new bull push, as the wall was bought up completely in one order during the last pullback, and shouldn't provide resistance this time.

The positioning of the huge ask wall and multiple buffer walls before it at 23.8 and 23.9, together with coordinated selloffs to push back after the wall was neared, demonstrated a not-so-subtle attempt to suppress the slow rise from breaking out "ahead of schedule". The filling of that $1millionUSD+ order, however, had absolutely no effect on BTC-e price action or volume , oddly enough. Even OKcoin started a rally at the sight of that massive buy, but quickly fizzled when it became obvious that BTC-e wasn't inclined to react at all, in fact slumping afterwards.

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