UPDATE ON STEEM COIN AND THE ENTIRE CRYPTO MARKET

Hello friends, it is another wonderful day and fruitful week

We continue our update on what is currently happening in the crypto market.

In my last update, I stated that BTC was still bearish, thus the expectation was that it was going to retest the $37k zone.

What happened last week

Happily, it did not go down to that level but went up once more. Bear in mind that we all are expecting a move to $50k level, that did not still happen.

We just saw the price of BTC moving to almost $43k level this week. When many thought the bulls were taking over the market, we saw a massive price slump in the market once more.

Unfortunately, Many accounts were liquidated, causing much losses to traders. It is obvious that the market is highly manipulated by the whoever is in control.

The dip in price continued till the past weekend. Early this morning, we saw Btc pricing breaking down to $38.4k.

Now let us look at the btcusdt chart and see what is looming In the horizon.

Screenshot from binance0

From the chart's 1D timeframe above, we can see that an ascending pattern is being formed. Using the pattern as support, we will be expecting a pump by btc to the #43k levels.

On the other hand, we may expect btc to form a quadruple bottom at $37.5k, which is indicated by the lines and shaded box shown in this screenshot.

So what scenario are we expecting? We expect a drop to $37.5 and then a retracement to $39k before it continues going bearish to $36k, that is assuming the bears continues to dominate the market.

On the other hand, we can also see a massive pump of Bitcoin to $45k level if the bulls takeover.

Checking the fear and greed index, what do we see?

Source

Presently, the market is in extreme fear. That is really understandable considering how the market have been for the past few weeks.

From technical point of view, the probability of the market retesting $31k support is very high compared to a bullish situation.

So this implies that when trading whether long or short, we should try to limit our losses by using effective risk management techniques.

Addition of the steem/usdt pair in Binance

This is one of the greatest and welcomed news in the steemit family. Adding this pair is a very positive one for steem.

Listing this pair in Binance, one of the biggest exchanges in the crypto world is an indication of the great liquidity of steem coin.

Additionally, the listing of the pair will go a long way in reducing charges paid when converting steem to btc or Eth before selling off.

It creates more opportunities for the steem coin to be traded on Binance Exchange. At least the trading volume of steem will definitely increase in Binance, thus having a multiplier effect on all other exchanges where steem is listed.

The listing was preceded by the pumping of steem/usdt pair in other exchanges before that of binance took place. That is the way it works.

Infact, let me tell you a secret, if you get information of any any coin pair to be newly listed in an exchange, checkout if the pair have already been listed in another exchange, buy it in the exchange and enjoy the ride until it is now listed on that exchange. Once it is listed, take profit and exit the trade. You will definitely not make less than 70% of your trade capital hahahhaha.

Conclusion

It will be advisable to trade with caution untill a clear direction is seen in the market. The market is still very bearish and can still drop down $37.5k.

Remember, do your own research. NFA