XLM: The party isn't over
So, after the hype and excessive rise of XLM/BTC yesterday, today the sentiment shifted to negativity all around.
After the PBC buy alert leaked a real frenzy for the coin started, pushing it a whole 50% up, closing at 0.00000524 BTC.
From this point on it dropped down to 420sat and has established a channel channel between 420sat and 450sat throughout the day.
Adding to that, the returning strength of BTC/USD pushes almost all alt-coins a bit down. (Someone get rid of the Bully please)
People on crypto-related social media are already calling off the pump, claiming it failed. But let's put the above chart into perspective.
People in the cryptospace really became obnoxious with their constant impatient longing for pumps, profits, "the moon".
Reality is, while people are already impatiently calling off this pump, it is just getting fueled.
Before the huge pump in May we had a considerably similar small pump in April:
which lead to a consolidation and extended accumulation frame unfolding in the massive pump of May.
So what are these Mini-Pumps for? Getting rid of established resistances, testing market reactions, creating hype.
The novice trader may be happy with his (at max) 50% profit this mini-pump gave him, while I am sure 90% lost out to sell the peak and sold into the accumulating strong hands in the 420sat area.
The market movers are not interested in these small sum games, they will push this coin way up and let it bleed dry again.
Market history, price action and the upcoming events call for a hold, aside of the usual altcoin market psychology.
After the PBC buy alert leaked a real frenzy for the coin started, pushing it a whole 50% up, closing at 0.00000524 BTC.
From this point on it dropped down to 420sat and has established a channel channel between 420sat and 450sat throughout the day.
Adding to that, the returning strength of BTC/USD pushes almost all alt-coins a bit down. (Someone get rid of the Bully please)
People on crypto-related social media are already calling off the pump, claiming it failed. But let's put the above chart into perspective.
People in the cryptospace really became obnoxious with their constant impatient longing for pumps, profits, "the moon".
Reality is, while people are already impatiently calling off this pump, it is just getting fueled.
Before the huge pump in May we had a considerably similar small pump in April:
which lead to a consolidation and extended accumulation frame unfolding in the massive pump of May.
So what are these Mini-Pumps for? Getting rid of established resistances, testing market reactions, creating hype.
The novice trader may be happy with his (at max) 50% profit this mini-pump gave him, while I am sure 90% lost out to sell the peak and sold into the accumulating strong hands in the 420sat area.
The market movers are not interested in these small sum games, they will push this coin way up and let it bleed dry again.
Market history, price action and the upcoming events call for a hold, aside of the usual altcoin market psychology.
Komen:
As Bitcoin keeps bullying the precious altcoin market, be advised to take all trades with caution. Until the hardfork of bitcoin and bitcoin-gold, the markets will be a tough field, but allow a lot of great buying opportunities.
Komen:
Cashed out the initial investment at 800, which more than doubled my entry points.
I let the profits roll in XLM for a bit longer as there still is upwards potential.
I let the profits roll in XLM for a bit longer as there still is upwards potential.
