Price Targets for the Crypto Market
Prices seem to have been stabilizing recently, catching onto a piece of support as shown by the trendline as it explodes out as a hopeful sign of optimism.
However, much like an earlier example below, the price correction in my opinion is yet to be over. Consecutive blows to the market has incited fear, uncertainty and doubt within a market full of immature investors much like how in November/December, prices were skyrocketing creating a "fear of missing out" environment. As a market rooted deeply in emotion and speculation, this downward spiral is far from over.
Here are some things that I have noticed:
- We are setting up for a major double bottom scenario looking at the weekly setting indicating that whatever bullish activity we see right now could be a trap.
- Prices as of right now are far from where we started from. In equivalent terms, we are exactly where we were back in late November when the MAJORITY of the hype started. Even though we can think as if we have purged a significant chunk of hype from the market, there are still remnants of it as a result of Average Joes putting in money prior to this time period. In fact, all of 2017 was a major bullish run, with emotions running strong every step of the way. Now that the reversal is happening, I would look for spots in which the price corresponds to a period of time in which more seasoned veterans who have endured swings like this occupy the majority of the crypto space. One can think about this as a pseudo return to sanity where prices are dropped to a point that people no longer think about crypto as a means to make money but a point where people think what the genuine value of it is.
I can't say for certain where this point is going to be but I have a feeling it is below the point of resistance that we currently hide behind at the moment.
True immature investors do sell their coins because of fear and uncertainty but soon they will become mature and that will be the time for market to show green color for longer period of time.
Everyday people are learning more and more about this new technology. I think you are right, there is more green to come. My mind set has changed a lot in the last year and a half. I started thinking that this was an easy way to get rich and now that I've learned more about what I'm invested in, now I own because I see how this technology can create solutions for current problems.
Thanks for the graphs. I like the green upward trend line you have drawn. It's great we've had some consolidation. Even it does drop lower we have support again at $6,500. The longer this run consolidates, the more we have for another bull run. As you say, all the good projects will be separated from the scams/losers over time.
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Will Steem re bounce?
it's probably gonna drop a bit more along with other altcoins as the bitcoin cycle we are in is in full swing
The fall in crypto market has not yet stopped
I have been patiently seeing all my ships sink since the end of December. It's temporary of course. I have purchased some coins in the bear market already and there's absolutely nothing left with me except the option to wait and see.
I do think that the stronger projects with actual value will stay strong and will find resistence and support going ahead into next week and month.
It's the crappy, overhyped, overpriced projects which will see more downside action still. Tron comes to my mind. There are tons more within and outside the top 100 coins which should see more correction and they most probably will.
Projects like STEEM, Lisk, Bitshares, SMART, EOS, Vechain, even Cardano, and many more will get more attention and investment in the next big cycle. That's what I strongly believe.
Exactly right. The market is shifting away from emotion. This means those with strong fundamentals will succeed, while the rest will fade away. Isn't that exactly how it should be?
Not quite exactly as it should be.
If recreational investors will go away, only whales will be left to manipulate the prices and make money on huge swings. :)
I'm pretty sure it will go back up in 1 or 2 weeks or maybe less. Cypto and blockchain tech behind it is starting to give some curiosity to people around the world. We'll be in the age of new tech sooner than we think.
I am now not certain whether banning will help on this new revolution of cryptocurency
I hope it will turn bullish now! Too much bears around :(
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