(image courtesy of: https://www.icolancer.com/news/the-bitcoin-plunge-is-crushing-crypto-craze-stocks)
Sometimes I like to take a step back and look at much larger timeframes than those that are portrayed on STEEMIT the majority of the time.
One thing that I have learned over my past 5-10 years of following markets is that ALL that matters are closing prices. Sure Daily closes I believe matter more than hourly and even weekly closes in some cases but the basis for these closes are all still based on a structure of human emotion and predictability.
I know STEEMIT is a very PRO-crypto community but the facts are that the bubble has burst (yes there will be another one) and this needs TIME in order for this to move on anad create another exponential move. Crypto needs time to digest this HUGE move, retrace, and build some more positive energy. Notice all the negative energy like this banning from India and Pakistan was going on during the rising but didn't affect the price negatively. Now that the emotion and crypto train has slowed that is all the media talks about.
Looking at this chart below of Bitcoin I think that it is fairly obvious that crypto and bitcoin is not done heading lower YET and all bounces should be sold. The chart suggest that sellers are still in control and until buyers show up I believe that we go lower. Notice how the breakdown on accelerating volume compared to the "up" weeks.
I think LTC is even more obvious, take a look at the sellers during the week noticed by the extreme wicks. Price tries to move up and then just gets pressed back down.
IGNORE all of the FUD and "DAILY" or "HOURLY" analysis on STEEMIT here. Many of them are calling a bottom and likely do not know what a bottom looks like. Bottoms DO NOT happen on a "slow grind lower".
They occur on a MAJOR PUKE, or through time and holding of MAJOR SUPPORT.
Ignore the Fud and follow me.
Loved your report ! thanks !upped 👍👍👍
Thanks! Awesome, semi new to here but hitting the ground running
Thats great ! best of luck to you and welcome to steemit ! following !👍👍👍😀
like your work..and agree..(for now)..just posted thanks.,.
Wonderful post ..thanks for sharing...Best of luck friend ✫ resteemid
Always really glad to read analysis that goes beyond HODL, YOLO, MOON, lambo!
I agree, there is alot of shit on here pumping saying buy buy buy. It is a buy but this is the time for the next bubble when you can actually be knowledgable about this shit when people are asking lol
Good advice. I don't think we hit the bottom either.
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