I know that a lot of guys out there started to panic and sell their $ETHFI tokens because of the corrective pullback started around thursday.
Now why that pullback ?
1. Traders panicked : The meteoritic rise of #ETHFI clearly sent chills down the spine of a lot of traders, even though they made a huge profit from it.Hence they panicked and sold. That was expected .
2. It's launching and growth : Some people never expected an asset launched at $5.6 and went to $3.5 dollars in a day can get that kind of growth in just another arbitrary day(move from $3.5 to $5.4 in a day and $5.4 with to $7.1). But we have forgotten that it was launched at the time #BTC crashed from $74k to $60k. So accounting for it's delay in rising.
3. At $7.1 virtually everyone was in profit : At it's peak of $7.1 all those who invested in it were all in profits at this point. So everyone began to sell only those who bought at that price were somehow found wanting. But the good news is that most of them were those that had originally made profits and just bought for anticipating further rise.
4. Cutting losses: Due to a mixed of the above reasons, people tried to cut loses too early as all perceive virtually a very overbought asset. Again sold.
5. The approaching weekend: With $ETHFI being a gainer from Monday right into thursday will a thundurous bull run, the cool breeze of the weekend philosophy caught up with it and as such experience d a little pullback.
Again I am not really a fun of long write-ups. But you might have realized that kept mentioning a pullback instead of a trend reversal, so I will follow this article up with reasons why I still bullish more than ever about #ETHFI idstead of bearish.
Sorry this article is so long. 🤦♂️🤦♂️