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...
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.