Coin Telegraph
GOOD AFTERNOON STEEMIT!
So maybe I bought that Litecoin was a little prematurely. I'm not saying it was a bad decision by any means, I'm happy to be back into building a HODLing position in the big boys, but it doesn't mean that a 15% correction doesn't hurt.
But in saying that, take a look at the chart. Once again, in the purely speculative market that is crypto, higher time frame technical levels are being respected even in the midst of a panic driven sell off. Here's a Litecoin Hourly:
LTC/USD Hourly
Look at that panic sell as stops triggered underneath the trend line and range support. But where did it stop TO THE PIP? Yep, right at that previous resistance as it turned to support.
Crypto is still a technical trader's dream because of the fact is it primarily driven by short term speculators and not big institutional money. The smaller guys like us will hit the levels immediately with purpose which gives them strength. Technical analysis is a self fulfilling prophecy afterall.
The lack of institutional players who would try to trickle into an enormous position over the space of a week no matter the day's price or level means we get big, fast corrections like this, but it is also a blessing in that levels are obeyed.
Stay strong!
In the few Facebook chat groups I'm in with relatively new traders to the crypto space, they are sweating absolute bullets. Just think about all the new money that we've seen flood into the market recently that has no idea what to do, can't handle their emotions and are dumping at absolutely any price they can get at peak panic.
This is profit taking and then panic starting to set in. HODL and scoop up those weak hands. You'll thank me when you're sitting down after Christmas with Grandpa Joe, pull out your phone because you can't take any more of his shit and BOOM, THE SHORTS FACES ARE BEING LITERALLY TORN FROM THEIR SKULL!
Enjoy your Friday guys. Don't be the weak hand that panic sells the bottom. This is a healthy correction in what's just the beginning of the bull market to end all bull markets!
Peace.
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