Declining from a high of nearly $180 billion to under $160 billion today cryptocurrency is seeing a large sell off.
But it may not be a bad thing, but rather another great buying opportunity.
The price drop can in part be attributed to large traders who want to build up even bigger positions in cryptocurrency. They sell lets say 15,000 bitcoin in the idea that other larger traders are also selling off near $5,000 to take profits. This large sell of drops the price and then they plan to buy back in double what they sold in this case 30,000 bitcoin for the lower price.
Bitcoin was trading at $1,800 less than six weeks ago and it's at around $4,400 now, meaning the price has risen over 140% in the last month and a half. With this in mind it is smart to anticipate a slight correction in the near future.
I @isteemithard am not a financial adviser and all information is for educational purposes.
It's a great buying opportunity. 11% off!
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I'm confused by your explanation for why the price dropped so rapidly, when you buy or sell such a large volume in a market, it's not all sold at the same price....that is, there is some type of smoothing. While I understand that there is probably some type of collusion I don't think you explained it very well.
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The price drop is due to new Chinese regulation regarding ICOs and Cryptocurrencies (see this post).
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This is also correct but not the entire aspect
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That's right, there are many factors that went into the drop. One of them was a huge sell-off that occurred when Bitcoin neared $5000. Another was the Chinese ICO announcement, which mainly affected altcoins but also pushed the Bitcoin decline.
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When big market movers sell off large holdings the price will drop they can afford to sell through the ask price because they are already up from under that amount. Then when the little people jump on the train and start to sell they buy back in at double the initial sell amount for a lot less.
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I saw you don’t have a Steemit Profile Picture I made a story post to make it simply to do. https://steemit.com/steemit/@isteemithard/how-to-upload-a-profile-picture-and-or-cover-image-to-your-steemit-account
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Crypto has an amazing ride in its last 6 months. If you put everything in perspective this is completely normal...
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Thanks for your post. My advice to those just getting into cryptocurrencies is to sit back, relax, and zoom out on the charts. Look at the patterns, pick your entry points, see the bigger picture, and WAIT for time to pass.
People get very greedy and think they're expert day traders instantly, and don't know that the cycles repeat themselves like clockwork. This leads to emotional trading and losses. Perhaps some gains too, but you'll lose in the long run. Everyone's been there before. Learn. Believe in the assets, hold them safely, and make money.
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I would't say sit back and relax today NEO was able to be bought comfortably at $12 and sold for $20 within minutes thats an amazing gain. Scared money makes slow money or no money. I'm not saying go in at anytime I'm saying watch trends and volume and news releases. It all makes sense. Also I suggest with this recent spike anyone holding crypto sell of the initial investment and only trade profits then you don't risk a technical loss.
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Nice trade. I was talking about new people to crypto.
Generally, I think there's an enormous difference between "scared money" and investors who got in early, or picked their comfortable entry point, or aren't interested in day trading, or have put in money they just want to let sit because it's a reasonable portion of their portfolio.
Slow money is fine for some. Greed is where risk and reward clash. It's not for everyone and quick hits or misses net out in the long run.. and some people just don't want to participate by their choice - not fear.
I agree on trends, sell the news, volume, chart indicators for entry points, but once you make your move, be at peace with it, especially once you trade profits only.
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Also I saw you don’t have a Steemit Profile Picture I made a story post to make it simply to do. https://steemit.com/steemit/@isteemithard/how-to-upload-a-profile-picture-and-or-cover-image-to-your-steemit-account
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Thank you. Will do eventually.
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