Seems like panic is done. For now.

Looks like people think $9 is low enough. 1st resist hit at $9.12/LTC. After China’s announcement, people seem to be in panic. Especially to many Americans, who slept early and well last night, probably saw their asset dropping more than 40% of their LTC or even BTC worth in their dream. This isn’t something that should be surprised. All you know deep inside of heart this hype was bubble. We just rode along with others that LTC or BTC will go to the sky. It actually did for last a few weeks. I hope many people made money before all this.
Time to time, I go to BTC-e to check price on cryptocurrencies. I tend not to read that troll “chat box”. But sometimes it makes me laugh with all the chats with buy pushing and sell pushing comments. and…. people do act on it! lol. I tend to think that many people in there will be influenced by what they read on the chat. This turns into emotional trading, which I learned from gold/silver commodity daily trading experience. I was active gold/silver ETF (SLV/SLW) trader. [ETF is actually nothing different from crytocurrency. ETF is not back by actual silver or any physical form of asset just as cryptocurrency. Only difference is that it’s on NASDAQ and anyone can do exchange.] I had very high hope for the gold/silver as people in BTC/LTC were in hope. Fortunately, I am still in gain side on ETF trades but it faded out so quick in a matter of months. (Silver going up to low $50/ounce down to $20.) Yes it was bubble. But I didn’t see that as bubble and I thought it will actually hit $70/ounce in no time. I had loss due to that belief. If I would have sold my shares when it was near $50s, I would have gained so much. I was influenced by emotional trade about rumors and chats. (Yet, I still believe that gold/silver are way undervalued considering FRB printing out dollars limitless-ly.) That was my mistake. Now, I became much neutral when it comes to trading. Take one step back and see the whole view rather than focusing on a dot and try to see the uptrend and hope for it.
Well, we enjoyed ride of hike and fall. It’s time to slow down and get to the right value if cryptocurrency for it to last longer. Otherwise, there will be another China like government that will come after cryptocurrency with regulations. Slow down people. One thing that I learned from a millionaire friend, “if I gain 6~10% of my investment, I call it good return and I walk out.” Well. Most of us want double? triple? no, 10x ~ 20x of investment. That’s why we lose all. Kudos for those who did get LTC for $4 or less and sold for $40 but I know many of them hoped for higher and taking huge loss even at this moment. Learn from your mistakes. Know where to be happy with gain. BTC/LTC will go back up again. But probably not as quick as it was in last a few weeks. Just relax and keep mining. Another day will come. =]