ScaredyCatGuide Heard the Price of Steem Sing - BREAKDOWN
It was a good May and June for the price of steem, but so far July has not been as friendly. We saw the price of steem breakdown below the key support around .00065 (65k satoshi) yesterday and it continues lower today.
Let's take a look at the price action....
Looking at the chart above you see the horizontal line near .00065, our support line that steem has broke down through. This moves has taken back down into the prior trading range of .00040 to .00065.
Good News
The good news is this recent grind lower along with breakdown through support has been on extremely low volume (see circled area). It seems like price action is my listless than it is outright negative.
Bad News
Well, the price is going lower - enough said.
Going Forward.
Our next support level is the bottom of that prior range that we have fallen back into - roughly .00040 (40k satoshi). Is that where we will go? Who knows, but if we do come down to test that level, holding it will be important.
Unfortunately, the recent move has led to a new steem theme song:
Also, if you still like to invest in stocks and currencies, but want to use your BTC to do it - 1broker.com is who I use! I like that I can trade fractions of shares, which allows me to buy stocks like AMZN without committing $1k.
Best Regards,
Disclaimer - All content in this post is for informational purposes only.
Steem has a wide price movement, it always recovers.
I'm on with a long position. Just patient enough with all the market volatilities.
Thanks for this input. @scaredycatguide
Yes, so far this year most pullbacks in crypto have been a buying opportunity.
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Excellent analysis and appreciated the charts in your post. I remember when Steem was trading for less than .30$ early this year, so the drop I'm not all that concerned about. I am hoping that it tests and maintains that support at .0004 satoshi. The increase in price has been a boon to onboarding more people and expanding Steemit's reach.
Agreed - nothing wrong with a pullback. It doesn't put us in a downtrend and it will just make the next leg up more appealing to noobs for onboarding.
That would be 40k satoshi or 0.0004 btc, not .0004 satoshi, hehe
Yeah! Jesus. You know what I meant, thank God. XD
This is not anything to be afraid of - other currencies go and down , we just need to stay in the game for the long term!
Just a pause on the journey of growth.
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The only hope that the price might turn back up sooner than hitting the 0.000400 BTC mark is a possible retest of that broken support level.
Great content @scaredycatguide.
Yes, we will likely need to test that as a resistance level again before moving higher.
Will you hold on regardless of much the prices drop?
I'm holding my Steem Power for the long-term. The $ I put into steem last summer I have taken out so it's all a free roll anyway.
Would you say then, now is the time to buy?
That decision is up to the individual. I will say if someone has decided they want to buy, waiting until we get closer to the .00040 support is more prudent. Though there is no guarantee we will get there either.
GOOD news is
has good taste in music.
Yeessir! I actually saw Tom Petty at Jones Beach Amphitheater back in like 2001.
Good for you. I'm sure you got your moneys worth.
Thank you for the update and value! :D @scaredycatguide
Always love to read your script!!!
Thanks for sharing @scaredycatguide
I like low steem prices as long as they are only temporary.
Lots of time to power up at these prices and do well later. :)
Yes indeed, I even made the switch to 100% power up posts so far this week given were SBD .