At this moment, there's an epic BUY wall on Poloniex just waiting to eat the sell side alive.
Yup I've been watching this wall of money build up over the evening. The weak hands have been shaken out the tree.
Yes, I think people new to trading do not realize that price does not always go straight up. One thing to keep in mind is that if someone (a whale) wanted to accumulate a lot of coins, you can't just go and buy them up at once and be done with it. As we seen 2 days ago, the sell orders were getting thin and the price kept rising, not a good thing if you want to buy loads of Eth cheaply. Best thing is to let the price settle back down, and hope that people become spooked and start putting up asks at lower and lower prices, which is what is happening now. The amount of Eth for sale on the order-books has increased and the ask prices have fallen.
If this was a true dump or someone cashing out as many imply, you would know it. Just look at other coins history's, or even BTC and the end of the 1200 pump, and when you see a vertical plunge down to 50% or more in value in one go you will know it is for real and someone or someones are cashing out.
Posted the above a few days ago, shortly thereafter the price was around 0.021 or so. If you bought it around then, or even along the way down as it was falling, you would be in big profit again. It is plain to see what is happening and this pattern has been repeating for some time already.
I have no doubt that at some point we will see a real correction, but even at that time, myself and I am sure many others have locked in plenty of profits that we will still be way ahead. This boys and girls is what trading is about, learn the patterns, zoom your charts out and begin to enjoy this incredible opportunity you are being given.
) over two months.
Already cashed out a few k's at the 10$ mark so I'm alright. I think the price will go back to around ~5$.