Newbie1022
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August 20, 2014, 08:43:01 PM

Reality Post -- What is probably really going on in the past 24 hours...

Shorts watched other shorts just get squeezed out extremely hard in Litecoin (or they are the same peeps shorting both), hence the spike up to the $505ish range.

What will happen next?
(1) Shorts get squeezed further on Bitcoin and we get a hurry up bump to $550 before the price levels to about $530;
(2) The shorts get squeezed further on Bitcoin and we get a hurry up bump to $550 and the shorts lose heart, the longs jump back in, and the rally takes on a life of its own... any rally from there would be toppy and would introduce increased volatility over the next few weeks... it would be a fun up ride, though; OR
(3) Both BTC and LTC come back down to earth and the bear market deepens.

In a nutshell... the price at the end of the week will be somewhere between $250 and $660. I hope this is specific enough for you to make decisions on... =D

Joking aside, look for trigger points of where shorts get squeezed and don't get too hoggy on the run up and you'll at least avoid losing money today. This is probably a real rally unlike the bounce earlier this week because it has been fairly balanced between the exchanges and led by China. In the last run up, earlier this week, Bitfinex and Stamp were trading $20+ over China. In retrospect... we really should have caught the hint. This seems different, though.