As long as my credit is good, I am a buyer long past the point of despair. When I start to feel the fear and depression, I cheer myself up by buying more. I take some amphetamine and a shot of whiskey, if that's what it takes.
I felt fear yesterday and frustration today that the new day is dawning and it could not make any progress to the upside. The pounding will start again in a few hours most likely. I am thinking of selling as a precautionary move, to buy back lower. If yesterday wasn't the capitulation (and it wasn't: too high, too little volume), there is some chance that the capitulation will come today.
It would mean a very great decline in coin price, reasonably below 0.0025 or even in the post-introduction low area of ~0.0018. This is what some have been saying all along, that the bottoming process was aborted short of capitulation in July 13th, and it is coming back with even greater vengeance now.
Hate to say "I was wrong" (and the jury is still out) - but the destroying of all support levels, and price resting at the low end of the downtrend channel, spell on of two things:
- Downtrend will continue, with a snap back to the upper trend channel in 0.0041-0.0042 area, potentially regarded as a selling opportunity.
- The trendchannel will be broken to the downside, triggering an epic decline. (We are past the point of "controlled decline" imo).
Monero is a good coin, but the fact that lately it has been easier to get them "cheap" means that they were not probably so cheap after all...
I was trying to conclude by saying "hope I am wrong", but even that is not correct. I hope I am right, and that the valuation adjusts to the level that the market can bear.