Hi all Steemians,
It would be very apt to state that the last week of May 2017 was one of the BLACK WEEKENDS for cryptos. But that is definitely not without cause.
I do not have the facts, all the blockchain info is not going through myhead. True. But, this is the week that many institutional investors are planning to get into the market. It's a very hot topic in India right now. India is due to release their opinion on their acceptance of Bitcoin. They have also started public polling, and an official statement is due.
However, if you guys know Fundamental Analysis, you will understand that Bitcoin has the basic fundamental answer to quite a few problems. If you have been dabbling in crypto for sometime now, I am sure that you will know some of them. Point is, there is no stopping Bitcoin, it will be accepted sooner or later.
The biggest probable reason for this weekends market crash might be very related. Brokers and whales who have had massive success with Bitcoin uptil now have been able to attract the attention of many big investors of Fiat. And they would want to get in at a competitive price. So its pretty much creating a fake panic, where foolish bagholders panic and let go of their digital gold! An informed bagholder is so much better off than a foolish one.
The buy walls and sell walls of all the different exchanges are telling an entirely different story. Buy walls are constantly increasing, and defeating the sell walls. But then, people without the education will first speculate, then panic, then leave the market.
There's a saying that goes: "Don't step in lakes about which you don't know about the lake."
And if you are new to trading, and yet somehow you have landed up on Steem, and ultimately on this post,you are one lucky gun!
Wish you all a lot of prosperous trades. The Dawn is on the Horizon!!
Cheers,
Sam