Re: Litecoin Price Technical Analysis for 8/7/2015 – Dangerously Volatile
Hi Chris,
Thank you for taking the time out to comment.
I know that I have been suggesting a ‘sell’ on Litecoin for quite some time now, but the bullish speculation has proved me very wrong on several occasions. I definitely see a bubble in Litecoin. Why? Because I do not see any fundamentally positive change that has occurred in the cryptocurrency domain in the past few months. There are rumors that the Greece crisis is a boost for Bitcoin but how?? Just on the speculation that a Grexit is inevitable and Greeks will rush to convert their money into Bitcoin. And with the recent problems in Bitcoin, Litecoin is turning out to be the new favorite. But why? No Greek is converting his/her funds into Litecoin.
I think it’s all the ‘market noise’ that is inflating the prices, which can reach even higher levels – nobody can really tell when the bubble will burst. We have seen a similar thing in the China stock market in the past year, where prices to continued to defy normal logic but look at how it’s all coming to an end.
Therefore, in all my short calls, I am advising strict stop-losses.