Last week I think the New Year holiday would have meant a lot of people would be cashing out while they were away given the bearish trend so people didn’t want to risk losing on their portfolio with another dip. Although I think you still will have people cashing out as has become common during this holiday, the recent bullish trends the past days led by LTC yesterday will probably mean people will stay in this year. If you watch total market cap, it’s been steadily increasing again the past few day, albeit at a modest pace.
Personally i think the affect is overplayed. We've experienced a correction for far more wide ranging reasons than the Lunar New Year. Weak traders have been exposed and have sold all over the world. Confidence is beginning to return and some of the damage has been rebuilt. Fingers crossed that rebuilding will continue but the whole process, the ebb and flow of the prices started long before the Spring Festival period and will continue beyond it.
Last week I think the New Year holiday would have meant a lot of people would be cashing out while they were away given the bearish trend so people didn’t want to risk losing on their portfolio with another dip. Although I think you still will have people cashing out as has become common during this holiday, the recent bullish trends the past days led by LTC yesterday will probably mean people will stay in this year. If you watch total market cap, it’s been steadily increasing again the past few day, albeit at a modest pace.
Thx for the quick answer you are awesome man !!!
Personally i think the affect is overplayed. We've experienced a correction for far more wide ranging reasons than the Lunar New Year. Weak traders have been exposed and have sold all over the world. Confidence is beginning to return and some of the damage has been rebuilt. Fingers crossed that rebuilding will continue but the whole process, the ebb and flow of the prices started long before the Spring Festival period and will continue beyond it.
It boils down to sentiment that drives the price. I believe sentiment will recover.