In related news, crypto devs are mildly autistic at best.
Charlie Lee is very sad about what he did and banished himself from Twitter for a few days. Problem solved right?
Wrong.
At the time of the tweet, LTC was nearly 450 Chinese yuan. Actually, it was exactly 450 yuan. Its a nice healthy round number to put a short in at. But hey, Charlie is a nice guy and Im sure he would never do something like that right? Its not like LTC isnt massively centralized in China or anything.
This is crypto. Crypto doesnt care about your TA sometimes. Some days it trades purely on rumors and tweets. Its days like this where you need to step back and realize no one can predict where this thing is going to end up.
Sigh.... SMH. A tweet did not bring the market down. I'm not even going to go further into it. Just... No. You're wrong.
guppy_
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@SecludedJ, whether technical traders care to acknowledge it or not though, news and rumor DOES impact price action. Sometimes it just pushes a currency a little further in the direction it was already headed and other times it reverses the course entirely. Crypto isn't like the stock market. A rumor like China shuttering exchanges is tantamount to the effect an impending war has on the stock market. It's not rational, but it happens. Yes, price action is still king, but it pays to keep abreast of the news, especially if the TA is demonstrating uncertainty and you're not sure where it's headed. Good/bad news can tip the scales.
kegman83
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@guppy_, Especially when said rumor comes from a relatively well-respected member of the crypto community.