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Litecoin Market Update June 29

BruceWayneBruceWayne Member Plus
Been awhile but there have been a few things I've been following which really kept my attention.


All I can say is ho-ly sheeeit. I made the call at $1.40 for Litecoin and the ride just keeps getting crazier. At the moment it's pushing up to $3.75 which is just a 260% increase in just under two months. I just drew a top line which shows the tops of the last three massive pumps. I think there is a very direct link pyschologically if not materially. I'm fairly certain you'll see your regular pullback here but again I wouldn't be taking any short positions other than a very quick in-and-out scalper trades.

The Chinese NASDAQ is down 50% from its high a month ago and the Shanghai Series A index is also pulling down fast. Seeing how insanely high it went at the speed it went was a huge reminder of Bitcoin from Oct 2013/Feb 2014. I think this is a massive break out of a very long bear market that a lot of traders who only knew a bear market are getting their faces ripped off shorting and getting margin calls forcing buys.

The reason I bring up Greece is that the banks are closed this week (at least). By the sounds of it capital controls are now in place and all the ATMs in Athens are cleared out. Just prior to the default confirmation Greek IPs going to European Bitcoin exchanges were up well over 100%. Since everyone's pulling their cash out of banks they gotta put it somewhere and my guess is partly Bitcoin. I'm sure there's lots of gold buying as well but if you want to move your cash out of a country which has no idea what currency may be used in the future or what it will be worth you want to move it as far away as possible it's not a bad idea to pick up some BTC and/or LTC.
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