STEEM update 16.01.18
I keep this update short, because it looks like every other coin right now. BTC is tanking, STEEM is tanking, too.
Will this go on forever? Of course not...
This year 2018 will be great for cryptos as mass adoption looms later this year (2T marketcap is possible in 2018 in my opinion, every small altcoin going 10x+).
We have to see it like this: Now that BTC is in the midst of the biggest correction ever, be sure that there will be no huge correction any time soon after this correction is finally done at some point in February.
Here is STEEM/BTC
And STEEM/USD
The big picture to keep in mind:
Blue wave 1 equals white wave 1 in the STEEM/BTC picture above... Stay tuned...
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If you think this to be useful information:
Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.
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MUST READ!
DISCLAIMER: This post / analysis serves general information purposes only. I am not, and never will be a financial adviser. 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 (from my personal experiences) are. I use chart pattern and Elliott Wave analysis for my trading ideas.
For full disclosure: The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions!
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Have a nice day :-)
Little correction is always healthy for market.
This is far from the biggest correction ever for btc, at least not yet. Btc has corrected by over 80% five times in its relatively short history. We would need to see prices around $4k for this to be that bad!
But I agree with your sentiment. If bitcoin drops, Alts drop more. I believe that this could be a great year for crypto. Just think of all those new accounts created over recent months crashing exchanges. Think of all the additional infrastructure and staff at exchanges to handle additional volume. Think of the greater awareness that crypto now has!
The question is, will I have the confidence to switch out of btc into Alts when I think we hit the bottom (and I don’t think we are there yet).
Maybe not percentage wise, but it is the scariest by far. 12k down in 2 months is not something you witness every day... Imagine you bought 1000BTC as a big investor at 20k, hoping for 50k... And now your millions are evaporating
PRESSURE
Agreed. I look at my potential paper losses and I could cry! But then we are still at the price as late Nov! That gives it a little context!
Looks good thanks
Bitcoin is dying and its dragging the entire market down with it. The markets are literally joined at the hip with BTC, and when BTC falls because people have realized how slow and unreliable it is, the larger market ( the new money, people who have been in the game for less than 5 months) panics as they believe that bitcoin IS the market, and if bitcoin fails, then everything else does. This is part of the issue when people like Warren Buffett go on record saying that "Bitcoin is a bubble and will burst" That part is true, for the most part, not many people are willing to pay $36 for a transaction, especially one that takes an hour or more to confirm, and even more so when the developers make little attempt to fix the BTC network -
But when everyday people hear things like this is causes a massive amount of irrational fear...coupled with news from South Korea which was false, as well as news from traditional outlets that claim the market and Bitcoin are constantly dying. We risk going into a free fall in prices within the next few weeks if people don't stop spreading false information. The market dropped by 30% just on false news and an assumption that Korea MIGHT POSSIBLY COULD BE MAYBE be banned from the markets. What would happen if over a 3 day period Fox News and CNN falsely reported that "Bitcoin" was going to be banned in the US, without any proper sources to back it up? The market would implode all based on a rumour. This is why its VERY important to not follow false channels, or people looking to hype coins, its causing the market to expand in a direction that it shouldnt be going, which is the hype, pump, dump and the market is burning scenarios. This has a lasting effect on the human mind, and we'll pay for it eventually.
FUD. I love to read stuff like this. As long as people are crying that it will go to zero, there is no chance of that ever happening. I am only ever gonna get concerned, when I don't hear fearmongering anymore, by media and or random people.
I agree. I want much more of this. When everyone is screaming sell it’s going to zero, you know it’s time to buy!!
FUD RUNS THE WORLD!
Exactly, same ol song and dance.
Dash lost almost 50% in only 48 hours! Its not just one coin or the other its all of them. No need to worry though theres lots of money to be made now. ; )
Only for those who have cash available to buy more.
Invest in passive income and buy into steem now while you can with any coins
right now steem is 250/1 eth
last week it was around 160/1eth
A huge value on steem tokens and sbd so hodl them not inflated btc or eth
It's scary to see all that red, but remember just a few weeks ago everything was going moon, this was bound to happen, but it's also bound to turn around. Just let us know when you think we're reaching the floor so we can all buy the dip ;)
I think a pullback was expected. Yet this was pretty quick and direct drop overall though. Not one coin in the top 100 are safe except for Tether. To the long term holders this means nothing but buying opportunity. To the new comes that just started this is devastating. Devastating because the buy in was at higher prices.
I categorize myself as a noob in crypto investing as I only started about five months ago. Any coins I would have bought back then to now would still be green because we have risen in price by a fair amount prior to today's drop. Yet people who come in after me would have a different story to tell. It is difficult to gauge how much damage really is there but I can say this is an opportunity of a life time to get involved in crypto. I am watching and eagerly awaiting for entry point on some of my favorite cryptos. Thanks.
Well said. Today is a day to relax and forget about refreshing your portfolio app. Corrections and dips occur, but the markets will stabilise and go on a new run soon enough. I foresee a lot of new money entering the markets too during the next bullish phase as it's likely that the media will once again latch on to 'crypto-fever'. I'm looking forward to seeing Steem progress over the next year or so!
It will go to the moon!
Thank you! Great charts, followed
Kicking myself for not buying more STEEM months ago, just got a bit more at the current prices though.