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RE: STEEM Price Analysis – July 19, 2017
Agree, BTC is still very much the tracking coin and it likely will be for sometime.
It will be interesting to see how the price action on STEEM plays out as we near the intersection of the descending triangle that formed.
The test and bounce off 40k-ish support was good to see, even if the volume was thin. We shall see what the coming weeks bring :-)
I could be super optimistic and say that we'll be back up to $2.50+ by next month, but I think the recent sell-off may have done some damage among the new crowd of investors that were piling into cryptos recently. It may take at least a few months to get back to a steady increase in prices.
But what do I know? Other than this is not very predictable?
Yes, exactly. In the end it's probabilities that we aim to put in our favor. I do agree about the recent pullback shaking the interest of the larger crowd.
It kind of ruined that bandwagon effect cryptos had going in their favor.
Yeah, I blame all of those Bitcoin clowns. They're always causing unnecessary drama for the entire crypto space. It's unfortunate, I guess.