The timing of the anticipated third pump was near perfect, but the result was not as expected. This short rise was a reflection of the pent-up buying sentiment that had been trapped by the wall @24. However, it was not combined with a concerted pump - thus it ran out of steam quickly as there was no buy volume to match the previous pumps.
This result indicates that the strategy behind the last serious ask wall was not to cause another price spike, but to allow the sale of LTC over many days at that price point, then intentionally not joining the rally that followed, but allowing it to sputter. This is a bearish strategy on the part of the wall defenders, as they have successfully sold a lot of LTC before an upcoming long descent below the support levels gained throughout the past two week's rally.
Such a strategy would also explain the extremely periodic pump and consolidate periods that preceded this moment, as they did a great job of creating an expectation in the market of repeated gains after the last strong ask wall. And of course, nothing is more predictable than whales appearing to be predictable right up until they aren't...
This result indicates that the strategy behind the last serious ask wall was not to cause another price spike, but to allow the sale of LTC over many days at that price point, then intentionally not joining the rally that followed, but allowing it to sputter. This is a bearish strategy on the part of the wall defenders, as they have successfully sold a lot of LTC before an upcoming long descent below the support levels gained throughout the past two week's rally.
Such a strategy would also explain the extremely periodic pump and consolidate periods that preceded this moment, as they did a great job of creating an expectation in the market of repeated gains after the last strong ask wall. And of course, nothing is more predictable than whales appearing to be predictable right up until they aren't...