What happened in Lumens this night, we had another drop when we should have had a breakout upwards ?
The volume didn't come in, people didn't dare.
One needs to realize that we're herd animals... these curves all show the free will of the majestic human being, or rather the absence of it without the safety of a stampede.
Lumens tried to break through the (lower blue) upper triangle line for hours, but the volume stayed low. So after watching this for awhile, many people who had maybe bought in at $0.68 or somewhere couldn't stand the pressure anymore and panicked out, vacuuming their assets or rather in part handing them over to the bears who will buy them up soon and greedily - the weak-willed just never win.
They should go home and place a sign outside, "I somehow didn't inherit the Earth just yet - will do any job for anyone known to treat a slave decently." Sigh.
Get a grip, folks - there's still stuff to inherit, it's not remotely the end of the world ;)
This sort of thing is happening all over the crypto space, as media sucessfully create an atmosphere of "Oh Titanic, everything will now break down because God and Jamie Dimon frown on little speculators" - this is going to shake more weak hands out, the millions who came in late last year, now handing their borrowed money over to the smiling whales and those who stick to their guns and keep their nerve. It's never possible to say how many softbodies are among asset holders until a situation like this one comes along. You can watch the effect in the lower right corner of the picture.
What will happen ? More consolidation, obviously, till they're all gone, then business as usual - 
Pundits are already trying to convince everybody that the crypto market is dead for a year, you can always interpret charts in ways that scare amateurs, so that their paymasters have leisure to buy everything up as if time had been turned back a year or more, and then pump it th way they see fit.
Then everything will be dandy and the rates will shoot up, just not for the chickens. Good-bye, chickens ! 'Tis been good to know you, wouldn't want to miss your clueless comments on the guru threads. A tip before you leave : this is why someone will always rule you, even with crypto currencies designed to set you free. Ta-da.
Hush. Let's now see this dip a bit further and then rise. No worries, the supply of limp wrists is actually quite limited ;)
PS, edit - forgot to explain, I have adapted the triangle on the chart... it's a bit more elongated now, and I added a new fib started from the actual ten-cent level, which places the 0.618 a bit lower... the yellow line being the golden cut of 0.5 around which we'll be rotating.
We're already gathering upward momentum again while I'm typing this. Any chickens back in ? Then why sell in the first place ?