ronfkingswanson
Long

actively lowered ask wall + new bid walls = ridiculously tight

BTCE:LTCUSD   Litecoin / Dollar
215 3 0
half-dozen attempts to get near the $24.0 ask wall have been met with active resistance, including a dynamic buffer wall that prevents getting up to 23.9 anymore (it's removed when the buy pressure subsides and goes back to 23.6-23.7, while the 24.0 wall stays put). Additional walls appear at 23.9 and 23.95 when rally is persistent             .

Earlier today, a bid order for 120,000LTC appeared briefly just under the secondary defense line. There was little movement, and eventually the bid was yanked. Seems a very big whale decided to swim up and sniff around...
Yup, the rally on the 1M really drew a distinctive head and shoulders, and traders see that, but they ignored it, the right side of the HS face tested 25.5 and then again, a pullback to 25.5, the market really speaks there. and now a rally above that testing red tombstone DOJI tops over 25, that's bullish sentiment coming out of this rally for sideline fiat entry position. The last of the bears thinking seriously now, and that crazy moon, that crazy moon.
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This spike rally January 2nd, midday, CST, from the tightly compressed channel you illustrate here so well, this spike rally from 23.7 to 25.3, (after we see these spinning tops), what we know to be a trading community that is young and growing quickly and the new money continually coming in, they are bullish, the majority enjoy seeing it go up more than they do having it "crash", and that's good. And this does not look like a panic buy, it was fairly controlled although rapid, like fiat money on the sidelines steppingin, and a lot of BTC was used to purchase LTC in this rally as well. And no real aggressive profit taking off the top of the rally, less than 50% retrace and an instant formation of day cups coming out of this, an attempt to draw a 1M Head and Shoulders, and now it is malformed, I see a pennant coming off what would have been the shoulder. So, no wild bouncing. No giant walls pissing on everything during this, looks like rational, solid trading action to enter or re-enter here for many, and position increases for some.

24.5 for many seems to be looking more like a wise entry point, with some profit takers selling into those entrants.

I'm beginning to want to see a much larger inverted, or reversal head and shoulders with neckline at 19.50 and the consolidation channel at 17, that's a pennant off the RHS right shoulder, which never formed but just turned into a long channel of consolidation. I'm long, let it sit for while, don't care if it goes back to 17, there would be tremendous, short term historical resistance there. NVC and the other alts have rallied significantly. NVC is approaching a top, as all the alts rallied before LTC this time, and NVC's rally ends at the bottom of the same channel where LTC languished and consolidated, at 16+. The young bulls and the new bulls coming into the market, rumor and news from Mexican exchanges and Latin America, I see perhaps a longer term reversal. And of course, LTC is greatly undervalued compared to BTC, although the ratio is closer to the Gold/Silver ratio, which is interesting, the 1:4 currency allocation till the finite wall for creation is met, that says $200 LTC, always going back to those kind of crazy bullish thoughts to justify a long entry here.
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very interesting!!
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