LTC, Coinbase/GDAX, and irrational exuberance

BITSTAMP:LTCUSD   Litecoin / U.S. Dollar
LTC has been defying gravity . Is it landing on the moon anytime soon? Crash-landing, maybe.

I believe this is a classic case of irrational exuberance. People who have recently joined Coinbase / GDAX have brought a lot of new capital. When BTC inevitably slowed down (or is it coming to $1mil next January?), they turned their attention to the other two options offered by Coinbase.

I'm not saying that some "momentum ignition" wasn't involved to start the jump and some "spoofing" to keep the momentum. But I believe overwhelmingly this is a case of irrational exuberance, FOMO².

There's not much to say on the technical side, except on the indicators:

1. UO over 70 -> sell signal
2. MFI bearish divergence ( BITSTAMP , I think -> should also apply to all exchanges except CB/GDAX)
3. RSI overbought

It touched 5.236x extension in 3 days -> is this a new paradigm or what?

Related Ideas

"should also apply to all exchanges except CB/GDAX)"
well to be honest, you cant exclude GDAX cuz they make up for 30% of entire LTC market.
+1 Reply
I Completely agree! Not touching it now. Should have went with my instinct to buy at $180...oh well. It will be a hell of a buy on the correction
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