Hello steemians,
everywhere we see people wondering why in the hell is BTC dropping when so much good shit is happening right now and everyone attending the #consensus2018 is bullish af.
Well, there are probably multiple reasons, one of them might be, that all the good news from the consensus aren't really out yet.
Sure, we see rumours or even confirmed announcements on social media, but big news outlets will only promote stuff that happened after the consensus is over. And then people might pump money in.
So, basically: too soon. Give it a week.
Another reason is just a psychological thing. This market usually reacts completely different to what the majority is expecting. People expect the consensus to boost the market, it doesn't. People expect some FUD to make it dip, it pumps.
Most people trading and/or thinking about investing probably don't even know about the consensus happening right now. They just see the price being sideways and be like "I'm out this shit."
And thirdly, we are still up SO MUCH from last year in May - plus it was already in an uptrend back then - so we should actually be grateful it didn't drop even further.
Look at the graph from 2017 to now and ignore the massive pump from september to december:
What do you see? Yes, the price is still in an uptrend overall. Ofcourse the road is bumpy, but we are climbing.
Personally I expect us to hit 7800 the next days again as a retest of the support. Even though 8k is a strong emotional barrier.
But, always remember one thing: The night is always the darkest right before dawn.
Twitter: https://twitter.com/crypto_german
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