It's been a challenge the last 24 hours not to catch the falling knife but every time I look at the charts I'm glad I've stuck to my gut.
A lot of people disagreed with me that this was anything more than a typical "weekend" thing but this same type of scenario is what got me in trouble in June.
I thought the drop was over after Ether went from $400+ to $308 and I bought a boatload of it..only to watch it drop to $175 shortly after.
I dunno where the bottom is or if we hit it but I know typically corrections see a bigger drop so I'm still waiting to make a move.
I see ETH continuing to drop for the next few days. China just announced a ban on ICOs. Going to be a good buying opportunity.
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Well Ethereum is not usefull going up so fast. Imagine if you have to buy and sell coffee in usd and eth. If the price shoot up like it has done, you end up overcharging you customers. your customer get pissed off and don't come back so no more eth trades. on the other hand if the price goes down you end up loosing money so you wont accept ethereum . In order for cryptos to be usefull 1% - 2% up or down a month is fine. I think if it comes down to 140 - 160 levels and stays there for a bit you will see more adoption in the real world. I believe cryptos need to come down to early July levels to be usefull.
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I am also thinking of 140 and 160 levels.
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