I am not a Trader. I am just trying to learn the ropes. I took a few thousand dollars and bought some ETHER. Wow, about ten minutes later the price dropped through the floor. Yes, I am really that lucky.
It is so hard to watch your investments bleed red. I watch the comments on my Exchange/Social Network, called ETORO and everyone is so nervous. I understand their angst completely. I have to keep telling myself that I thought all of the same things about BTC. It is a scam, it will never go anywhere, who would trade hard earned paper fiat for a digital fiat. Yes, I said all those things as I watched BTC grow from $5 to $3000. So, this time I am in it for the long haul and wish everyone a peaceful, day full of profits.
I suspect there was a hard sell when market makers heard about the EOS offering. It would make sense for investors to sell high to people wanting to "buy in" on the new ICO. Unfortunately the sell likely also triggered the trading bots to sell and generated a deeper valley than anticipated.
There is a coincidental tie to BTC that the bots interpret as a correlation creating a "panic sell". I think the sell volume in BTC was people moving BTC to ETH for the EOS ICO.
I would expect a market correction and gradual climb within the next 5 days.
Disclaimer: The above views are my personal opinion based on historic performance and views gathered from research. Past performance is not a guarantee of future value. You may lose 100% of your stake in any investment. Always do your own research and only invest within your personal risk tolerance.
Agreed! I am encouraged by the fact that every tie there is a sell-off, the recovery, well to a degree is relatively quick. I am g4reatful for it, I thnk it has prevented me from having a heart attack!...lol
take a look at a few of my posts.... https://steemit.com/altcoin/@cryptoknight12/homeroom-end-of-month-alt-coin-plummet
https://steemit.com/dgb/@cryptoknight12/time-to-buy-list-of-safe-bets
follow and upvote if you like! More to come, thanks!