STEEM totally decoupled from BTC - following its wave count
Hate to tell you this, but it looks like it is gonna get ugly again for STEEM. I see STEEM in the midst of a final C wave down. And all of this while a strong upmove in BTC is happening.
Why is that, you may ask? It is, because STEEM and BTC have two completely different wave counts. It is, because in BTC the correction is already over, but STEEM has not completed the corrective pattern. No new buyers rushing in, because they anticipate STEEM to be lower soon. It is never a good sign if a currency remains at one price level too long. Steem stayed between 1.20 and 1.40 wayyyy to long and now it's going down.
This is my wave count - currently wave 3 of C is happening
I see it as a buying opportunity, probably the last time STEEM will be trading be this low.
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DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way i see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post.
If you make any trades after reading this post it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
Tell me what you think...
Have a nice day :-)
I don't think it will recover to it's previous highs anymore. I see more good people leaving and more spammers joining. Also dan leaving steem and powering down, I think we are stuck in these doldrums for almost forever.
Anyway the system here is flawed where the early adopters have too much power. I don't mind them making money but why do they have so much powers to influence the community? Just because a monkey is an early adopter, you would be foolish to make him the king. That's precisely what's happening here and that's why steemit is stuck at these levels
Yes this is a problem. But it can actually be overcome with enough active accounts who actually invest a little in steem to begin with...
Or by rebalancing the voting powers to get more democracy in. If we rely on the newcomers investing and at the same time the early adopters leave, this is not healthy...
Maybe the faster powering doen times with the last HF was not such a good idea in the long run.
On rebalancing voting power:
I think the curve should have to decrease. The more Voting Weight (SP) you have the more impact is not a good strategy on the log run. The impact of whales needs to be decreased a little. I don't know how that could be done, but maybe others will. Maybe double the time your VP gets back to 100% if you have over 50k SP?
What if like twenty people get together and launch a copy and paste coin of Steem and a website like Steemit to use the new token? Give ourselves millions of the new token, pump it up and then dump and then start another blockchain. Got lots of money and time on your hands? Greedy? There is your formula.
Indeed. Wait - isn´t that exactly what is happening with Steemit right now?
I am not sure. The consistent selling pressure placed on steam by people powering down is hard to overcome. It is too much.
It is too much for now because there are not enough small accounts buying yet. I think next year will be better with higher price of steem
ok, so the bottom / buying opportunity should be around 0.00018 btc/steem?
I will make a new post, when the bottom is likely reached ;-)
I'll be watching
I hope so ;-)
Sadly but true!
Thx
Don't matter for me...
STEEM up or STEEM down
Thirds Rule Strategy
Resteemed :-)
Danke für deine Unterstützung ;-)
Sehr gerne. Deine Analyse ist echt gut.
Good article. I like people giving projects on Steem since that is the platform we are on. :)
Thanks for this analysis, will get ready to buy more STEEM!
Followed, wish to get update from you when is a good time to stock up Steem.
I will make an update post when the time comes. I expect the low this month or mid September. I will stock up too and inform you guys here...