Einsteinium (EMC2) is a cryptocurrency that I've had my eye on for a while, but I thought that market action today was pretty hilarious.
As 
Einsteinium has been regarded pretty positively as a solid coin with a strong scientific approach, and has been trending upwards until about 2 weeks ago where it exploded. It's been a little bit all over the place since...
Yesterday morning, Einsteinium made a pre-announcement:
Tweet created at 10:45am West Coast time.
I actually expected this pre-announcement to increase the price, but it really didn't.
Buy the rumour, sell the news
News of future news literally did nothing for the price, and I hope there's a lesson in there for future coins.
Hour chart - 24 to 2 hours before the announcement
So... pre-announcement... no one cares.... until about 2 hours before the announcement.
15 minute chart - 4 or so hours before the announcement
In 45 minutes, the price action goes from $2.40ish to $2.79.
Again, human psychology, no one cared until someone cared and then everyone cared.
With 30 minutes before their announcement, people started taking their profit... which I honestly didn't expect... I thought it would keep climbing until midday.
15 minute chart - 8am to 11:30am
And then midday!
15 minute chart including midday
The price went from $2.79 to $1.24 in no time. This massive dump wasn't in reaction to the news... it was traders who had all decided to trade at 11:59am regardless of what happened. The news hadn't even come out at this stage.
Oddly, Einsteinium didn't make any announcements on Twitter at midday, they made their announcement on their website... and then didn't put that on Twitter for another 14 minutes:
Posted at 12:14pm
Now, the actual announcement is pretty cool technically, I'm happy with this direction they're headed... but the actual news is irrelevant.
Lessons learnt about crypto news
So FOMO, FUD and news don't follow the usual pathways of charting and technical analysis, they are a monster on their own. I've noticed so far, that pre-announcements generate positive price action, and then there is always a dump.
You'd expect that good news = good price, bad news = bad price... but what I'm finding is:
Promise of news = pump
News = dump
What do to in the future
If I see that a cryptocurrency that I'm interested in a long position in is making an announcement... I'll wait until the exact moment of the news is due... and then pick up coins during the inevitable dump.
I wasn't expecting such a dramatic dump, but I was watching and had funds ready. I picked up some EMC2 at $1.42... literally every second counted at that moment. The price at time of writing is $1.67 and it looks pretty undersold... so I'm hoping it slowly climbs back up to $2.40ish mark.
Anyway, thought I'd share this little dramatic adventure in Crypto... it's all about trying to predict what everyone else will do... I learnt so much in a couple of hours of watching.
Have you had a similar news/fomo/fud experience?