Hi, there. I don’t want to scare you but I want to point out something. A guy said to me some days ago my analysis were wrong because only 1 of 11 posts I had published did what I said it was going to do. And it’s true!!! But hey, be patient and let’s see if I was truly wrong, since after some research and trying to know what went wrong, I discovered something. It’s quite scary, but at the same time, it’s good for people that wanted to see LTC at a very low price and buy. I’ve checked the previous correction of LTC and I saw a similar corrective pattern. The fact is that when I drew the ABC some time ago, I didn’t expect the last pump, that also happened in the previous correction. That said, and hope I’m not wrong predicting the huge drop, I live you the resemblance and where we are now. From this point on, it falls down, and it will be some time soon.
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This is where we are now today.
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I have to say this is just an idea, and I can be wrong. However, there are solid arguments to think it will happen again, since history repeats itself.
Trade at your own risk. I’m not responsible of your actions.
Have a good day! :)
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To make it clear, the arguments I was talking about are that humans have similar behaviours currently and in the past. Our brain has evolved to behave this way every time. Greed/fear feelings have been developing in our brains for thousands of years, and it can’t change in some months. The brain triggers same reactions every time the price goes to a certain price. That’s why Fibonacci works properly. That said, when it goes down and touches the resistance line again, people will go like... what the hell? It doesn’t go up! It goes down!!! And they’ll start a massive dump.
Just take a look at it and let’s see if it works as I said. Maybe I’m wrong, but who knows... there’s the possibility of behaving this way.
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Bearish divergence spotted. It will fall down.
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The party is starting, guys. Coins falling down!
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Still valid idea. It’s going down and it hasn’t touched the bottom yet This bearish divergence wasn’t in fact a bearish divergence. I didn’t know what a divergence was.
it indeed is a good observation and I agree that history has a tendency to repeat itself. BUT:
- I am not sure that you should take LTC as the main indicator. It is all about BTC (yet) which drives the entire market
- Altough history might repeat itself, since 2017 the crypto market has plenty of newcomers since we have never seen a media attention of that scale befor. also the whole crypto ecosystem is developing with great progress since the public aapproval is rapidly improving in the business sectors.
Dont get me wrong, I totally want to see the crypto markets to pullback. The last week was huge for the alts and many have seen large green candles day after day. So naturally I went short on many of these posistions and now I'm a bit struggeling to ignore the FOMO :)
Andbcoin
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@laserbach, You’re right, but although a lot of people get in, the reaction will be the same. If it goes down, nearly everyone does the same. Better said, the same “proportion”. If there were 70% of people selling, the percentage will be the same now but with more people.
I liked your idea, because maybe you’re right. It’s just a possibility that it happens, but bear it in mind... everyone reacts similar to others. In the end, we all are human beings and our brain is similar. Our behaviour is nearly the same.
Have a nice day! :)
DatCryptoBoi
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Good fractal - it might or might not play out. This is what stoplosses are for though bro.
Andbcoin
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@AndrewBth, Thanks!
Yeah, it can or not, but there’s a probability. :)
- I am not sure that you should take LTC as the main indicator. It is all about BTC (yet) which drives the entire market
- Altough history might repeat itself, since 2017 the crypto market has plenty of newcomers since we have never seen a media attention of that scale befor. also the whole crypto ecosystem is developing with great progress since the public aapproval is rapidly improving in the business sectors.
Dont get me wrong, I totally want to see the crypto markets to pullback. The last week was huge for the alts and many have seen large green candles day after day. So naturally I went short on many of these posistions and now I'm a bit struggeling to ignore the FOMO :)