This is exactly what I was speaking about yesterday.
In this post: https://steemit.com/cryptocurrency/@bitbrain/caution-steep-hill
The dip
WEAK HANDS a phenomenon not well understood outside of the cryptosphere, doubt themselves and sell at the first sign of danger. If there is no sign of danger (as in this case), they become increasingly skittish until they eventually sell anyway!
There is no honour in this, no intelligence, no strategy; IT'S JUST PLAIN STUPID!
That dip is the direct result of careless, nay clueless trading. But I'm not as angry as I sound.
Indeed, as I said yesterday, I prefer this correction because it slows the market growth. I would much rather have the weak hands leave the market/dump their holdings now, than have them keep them and dump them all at once later. That's how markets crash (as happened in the first quarter). So let them keep getting scared, let them keep selling way too early, let them keep the market growth lower and more stable; it helps us all in the long run!
This is all completely expected (look at this post from earlier this week
https://steemit.com/cryptocurrency/@bitbrain/whoa-boy, but that doesn't make it RIGHT.)
Thanks weak hands, stay weak - it makes me strong.
Yours in crypto,
Bit Brain
DISCLAIMER:
I am neither a financial advisor nor a professional trader/investor. This is not financial advice, investment advice or trading advice. Unless otherwise stated, all my posts are my opinion and nothing more. Crypto is highly volatile and you can easily lose everything in crypto. You invest at your own risk! Information I post may be erroneous or construed as being misleading. I will not be held responsible for anything which is incorrect, missing, out-of-date or fabricated. Any information you use is done so at your own risk. Always Do Your Own Research (DYOR) and realise that you and you alone are responsible for your crypto portfolio and whatever happens to it.