STEEM - Analysis - The Future For STEEM Price ($31)
The Future For STEEM Price
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2017 History
I've compared the correction from last summer with the current one and I see some similarities that are worth to take a look at. The previous correction was a standard ABC and the C wave was very extended and long in terms of time. Also worth to note is the support level STEEM found at around 80% retracement level. And that's also where it began a new set of impulses.
Scenario 1
This correction is currently at 78% and we are nearing the end in terms of price if this scenario is correct. I've extrapolated a long term target based on fibonacci levels and I think we can reach $30 by the end of the year or so.
Arguments that confirms this scenario:
✅ Previous correction ended at around 80%
✅ Looks like a 3-3-5 ABC correction and we're at the last wave
✅ At a macro perspective, we're in the 2nd subwave within the 3rd impulse wave which means that the correction likely won't be that long.
Scenario 2
This scenario has the same long term target but will take a lot longer. This prediction is claiming a longer correction similar to the one we had after the 2017 summer peak. It's not so likely that we're gonna go much lower in price, but the ABC is more stretched out in terms of time so we will probably see a price jump before heading down again. A scenario that would invalidate this prediction is if the price moves higher than the last peak at $9.
Arguments that confirms this scenario:
✅The set of impulse waves are pretty similar to the ones we had last summer so there's merit to seeing a similar correction as well.
✅The 5th impulse wave is extended and that usually means longer corrections according to Elliott Waves principles.
What are your thoughts about the STEEM price and fundamentals? Would love to hear what you think!
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Disclaimer:
I'm not a financial advisor and these are only my opinions. I don't take any responsibility for any investments that you make based on my analysis.
It seems very good and pleasing for eyes to see for a steemit user to see steem price going there but it would only be possible if we will be able to implement SMT's successfully.
If that happens then man steem will produce so many millionaires that day.
The way the market is going I would be surprised if the price will reach $10.
Right! $30 dollars seems far fetched if you use some commen sense!
We shall see friends :)
Interesting analysis. Hopefully the first scenario plays out. Would love to have more financial flexibility that will come with much higher Steem price.
Are you a professional trader?? Not sure how you got this prediction with where the price has been and with the current market conditions...i think a $15 steem price would even be a stretch! Thanks for the post though...i enjoyed thinking about it!
I wouldn't consider myself a professional trader but I've made a fair amount of money on swing trading and hodling. Just to share some perspective, do you think BTC can be at 20k at the end of the year? And do you think it's possible STEEM/BTC price can recover to what it was a month ago? If yes, then the price would be 12 usd.
Fingers crossed:-)
nice number for my eyes we all hope its become so high and higher
good analysis the more Steem get popular and ppl know it so more chance that steem get higher :)
thanks for sharing
This asset is ALL emotionally based and I expect some great trading opportunities.
What makes this even more exciting is that there are people who believe Bitcoin is worth “zero” and those who are “true believers.”
The answer to your questions is “WE CAN’T KNOW.” Since Bitcoin is “belief based” and emotionally based beliefs can shift in a second, predictions can’t be made.
BTC will drag this beauty down for a while
Yes, I have a similar BTC prediction here:
https://steemit.com/bitcoin/@benkalashnikov/3bnsbo-bitcoin-btc-analysis-update
definitely it is good for us .steem dollar price or steem increasing chance is higher now a days.
Hopefully it could fluntuate at high price..lets just be optimistic