SBD update 13.01.19
Yesterday, SBD crashed from 0.91$ to 0.56$ on Bittrex. But there was a quick rebound.
Whether this is going to be another ABC correction or waves 1 and 2 does not matter much now. Both counts imply the price of SBD to rise close to, or above 1$ in the short term.
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What about steem ?
maybe any big Wale sold his SBD, someone who leaves this platform ?
I still don’t know how something that is worth a dollar of something is worth less than a dollar.
Speculation and wrongful design of a currency that was intended to be pegged but actually never was pegged is the answer.
A currency can never be hard pegged unless there exists a mechanism to instantly reduce supply by burning it and to increase supply out of thin air when there is high demand. Both mechanisms are missing with SBD. SBD never was pegged. It was just hovering around one dollar because people believed that it was pegged.
I always understood if you redeemed your SBD you received the equivalent of us$1 of $STEEM after 3 days. Is that no longer the case ?
This is still the case. if you convert 1SBD to Steem via conversion tool, you get 1$/0.35145 (internal median price) = 2.845 Steem currently worth 1$.
It seems that SBD is finally going to stabilize again close to 1$ which is a good news !
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I've seen people do Elliott Waves on BTC pairs. However, the price vs BTC often comes and goes in nondirectional cycles, so I don't think that using Elliott waves would be valid. What is your opinion on doing Elliott wave analysis on something like Steem/BTC, SBD/BTC, or other BTC pairs?
For me, a chart is a chart. If it is tradeable and has enough volume, there is a valid EW count for it in my opinion. It may be totally different than the counts of USD pairs, but that's fine. USD is a stable currency, but BTC is the most volatile thing that you trade on earth. No one should be shocked by the BTC pairs showing totally different patterns than USD pairs.
However, with a pair like LTC/BTC, there are no clear larger fractals since the prices just keeps oscillating without any clear direction. It would be hard to put a impulse wave count on the longer time frames. How would you figure out the count on a smaller time frame then?
To me, this looks like the perfect example of a large genesis wave. A count does not have to start with an impulse. In fact, most charts start with an ABC or WXY or WXYXZ before an impulse wave is formed.
Until you have figured out the count for the big pic, it is nearly impossible to count this on the smaller time frames.
However, with Elliott waves, there will eventually there will be impulse waves after the correction is over. With impulse waves, we assume that the price goes up forever in the long run. In the long run, all coins (that still exist) then would either go up forever against Bitcoin (or go down forever if the impulse waves are down).
The other possibility is that the WXY are just part of a larger WXY and the correction lasts forever.