No need to panic sell folks, just HODL... technically, It looks like price might go down from sympathy trading, but don't do it, don't sell...
If you feel the need to get out of BTC because of the futures launch, move to LTC or (your favorite CC) since its only bitcoin futures not litecoin futures being offered.
Any sane person who thinks that a coin go down sells it in order to rebuy later, so why are you suggesting not to sell? You are contradicting yourself.
More_Prophet
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@iterius, You're absolutely right. My (not so clear) suggestion was just to not panic sell at a low price.
Youstanzr
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Would this be a good short? back to $100?
More_Prophet
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@Youstanzr, Here’s what I’m doing for a little scalp; wait until it bounces off the $137 resistance trendline. I’m seeing some hidden bearish divergence, so i’m looking for an eventual drop to $122. However, If instead it breaks through to the upper resistance (blue area) wait for it to either bounce off the top border and retrace to the median line. If it breaks through the top-most resistance, look to price action and consider going long to break the fractal at $148. Be sure to wait for the confirmation candle.
silmaril0875
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It also very normal to test previous resistance after a break. You want that to happen to make sure $100 is now very strong support.
silmaril0875
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Not sure what to make of you post. The market topped with almost a 50% spike and for all crypto's a correction is always expected. What makes LTC immune against this?
More_Prophet
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@silmaril0875, It's not immune to the irrationality of sympathetic trading. Smart money would like a panic sell off in order to gobble up btc at a cheaper price and then drive prices higher at a later date. JMHO...
silmaril0875
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@More_Prophet, I hear you but one thing I've come to realize you lose if you fight the whales...
More_Prophet
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@silmaril0875, Yes, don't fight whales, just joyride along in the waves they make. :-)