Steem and Crpyto bounce back : a sixth day of every month phenomenon?
Steem , bitcoin and other top cryptos have been on the red for a while and a little green territory is always a welcomed news-at least we all know that the fuders are not winning .
According to coinmarket cap there is rise in cryptocurrencies price lead by bitcoin (as usual). The conundrum, however, is : what caused the bullish price? Is it the 2018 6th day of the month phenomenon ?
According to an article in coindesk ,
A major reprieve just may be in the offing for the battered bitcoin bulls in the next 36 hours – if, that is, historical patterns repeat themselves.
Intriguingly, the cryptocurrency tends to take a significant change of direction on the sixth day of every month, or at least it has so far in 2018.
Having topped out in the $20,000 neighborhood in mid-December 2017, the cryptocurrency fell to a 2018 low of $6,000 on Feb. 6. Since then, the cryptocurrency has been restricted to a narrowing price range, as indicated by the triangle pattern in the chart below.
What's more interesting is that major price highs and lows over that time have formed around the sixth day of every month.
If the above 6th day of the month phenomenon is true, it means that many people will take advantage of the situation and make some profits (at that time), which in return, will lead to mass selling and subsequently, price reduction.
Steem strategy: Steem should be a long term hodl strategy because of the technology that backs it plus growing community that supports its ecosystem. So take up the advantage of cheap steem , buy and HODL because the future is very bright.
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Any good news is welcomed and am sure that the future is bright for steem ecosystem...this is actually the 1st time to hear about the so called 6th June phenomenon...I will go and take some profits today hahahah, thanks for sharing..100% upped
I heard the 6th of July thing has been going on for a while.
Let's take it as a sign of good things to come. The end of June is looking bright to me.
Point, I agree
You analysed it well, thanks for your comment
Hmm it is interesting to see this Sixth day of the month occurring more often. I also believe STEEM is a good hold for the future, especially when invested in STEEMPOWER here on the platform of course. I don't like to hold on to things that don't increase in value, therefore I chose STEEMPOWER :)
Now that the people are talking about it, pattern will break.
LOl, I agree....good point
Really, steem ecosystem will do well in coming future, that true. thank you for sharing your thoughts.
Welcome and thanks for your comment
Whenever the price market cryptocurrencies lead by bitco or some other crypto it is always an good news for the steemians to enhance their profit by this rise in crypto..
Whether it is 6th day of june or some other month people will go enjoy their profit
Point, thanks for your comment
I dont give so much about astrology of dates... the thing with bitcoin is, what fundamental momentum does it have left? With the impracticality of the lightning network becoming more and more manifest, it should go further down. Chains that manage to prove that they work out, might be able to withstand a major downmove. But Steem needs to scale up its intake of new users very urgently....
Yes! I think that new users are needed pronto. Also, looking at the market cap of STEEM, there is quite a lot more stretch left than for for instance bitcoin in my opinion. In order for STEEM to triple value only 1B dollars is needed, in order for bitcoin to do the same we need such a tremendous amount of money that I really do not see that happening any time soon.
Yes let's see if hf20 delivers, should be there in autumn, it's good to see the ecosystem is expanding, with collectible games and the WordPress plugin...
I cannot wait to see which changes are going to occur after hf20. Do we already know all the stuff that is in the pipeline?
Yeah, easier access for new users, changes to curation rewards, maybe the hive thing.... there are some coprehensive posts around...
Yeah I've been trying to search for good posts about it here on steemit but none of the one's I found were comprehensive enough. Usually they just say that it is coming.
Hmmm changes to the curation rewards? Do you know what kind of changes?
Here are two i found in my own research:
https://steemit.com/steemit/@simonjay/hardfork-20-some-changes-5-1-2018
https://busy.org/@penguinpablo/psa-changes-to-the-curation-rewards-in-hardfork-20
Ah thank you so much! :) I'm going to enjoy reading these a lot :)
You are right...good point indeed
I heard someone saying let’s wait for the 6th and not kidding , Steem did turn back upward
Hahah, you correct
I was just wondering what happened to my Steem Dollars overnight. Holy COW. AWESOME! But I can't be naive to believe that it will always stay that price you know? Yeah. It's a nice surprise though.
Good point, better take some profits and smile...
thank for sharing
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