Waiting for BTC to fall and STEEM to rise
Why you think BTC will not fall again, it did it twice this year, why not this time.
I am not an expert, i just like crypto and trading, in my opinion i don't think it is all hype with BTC this time, nothing special happened, actually i think it will keep going up and down between 900$ and 1200 for long time before we see healthy steady slow increase based on solid floor .
If you watch crypto market closely you will know that people always cash out at certain point, and when enough people do that other who intend to make some profit will follow them, it will go like a chain, rarely you will see all bullish, that can be explain by extra ordinary buy order witch can absorb that cashing out event in a bauble, usually that need something real, very good news, in case of BTC like official recognition, massive mass adoption or great new dev.
Now what is the news ?
Internet is loaded with news about some rich brothers (Winklevoss brothers) investing in BTC and trying to get bitcoin ETF ( exchange traded fund ) approval and that will allow some wall street wheals to buy and sell registered investment , That is big, it is technically official recognition and can lead to more acceptance of cryptocurrency to authority.
But guess what, most people i know including me think it will not be accepted, cryptocurrency in eyes of giant stock market geek considered experimental, it is too volatile to be accepted at least for now.
Watch out trader will cash out before 11th May for tow reasons
1 - they make already good profit
2 - possible rejection, in my opinion most likely rejection
I also trade.
I think Bitcoin will not fall so dramatically anymore because the dramatic news of China has not had such a big affect on it as people thought. It recovered quickly and this showed how resilient it is and thus restored a lot of faith.
I agree on the Winklevoss analysis but I believe they will get a yes.
If you see what Trump is doing regarding regulations and who is advising him, I think we are heading back to the days of the wild west on Wall St. Therefore volatility will not matter so much. So why not say yes?
Also, as you say, a yes will give Bitcoin recognition and thus the price will go ballistic. Do you know any Wall St traders who dont want a quick profit.
I think now is a good time to buy Steem. I have heard a few traders talking about waiting for the price go down to 8 but I would be very surprised to see that but it is a possibility. I think it is all to do with waiting for the result of the new fork proposal. I think if it goes through, and I cant see why it shouldnt, then it will a good move for the platform because it makes it easier for the user,
Steem is unique in that it has two types of people.
There are Crypto currency enthusiasts as well as coders, and then there creative bloggers/writers/artist/musician types. Not all in the second group are interested in the coin side of things and just want to interact and get a bit of cash. Those will never buy Steem as they want to earn Steem. But on the other hand, a platform that is more user friendly definitely helps to attract new users and keep those who are already here.
Personally I am a combination of both types and I think todays price of 9 is a bargain. In a month or two people will kick themselves that they did not buy some. Steemit is here to stay and it will only grow stronger.
Sometimes a crazy dancer has to look silly for while dancing alone before someone comes to join in. When two dancer look crazy it looks fun and then more join in. Pretty soon we have a movement.
i enjoyed your analysis @arthuradamson , thank you for the detailed input
lets see what will happen in crypto wild space
ETF news comes March 11th at the latest, not May. Great post though, thank you.
Thank you for correction @thejohalfiles and for showing up in this blog