STEEM up 37% on the day and threatening a push higher
STEEMUSD is roaring after US ratings agency WEISS released their first report on cryptocurrencies and honored STEEM with a favourable rating. @Cryptoctopus has the full story.
Anyway, the resulting rally has left the technical picture looking very rosy indeed ...
Pair carved a higher low on the 23rd and spiked into a higher high overnight. Pair appears to have completed a Double Bottom (W) reversal, with the last 4H bar closing above the pattern's confirmation line:
Buyers are currently testing the 50% of the January correction at $5.85. A break above there would target the 61.8 Fib at $6.58, followed by the 78.6 Fib at $7.62.
I'm confident that the low is in. Pair is bullish above $3.70, with weakness below there turning me neutral.
If we take a look at the performance of BTCUSD, STEEMUSD and SBDUSD since the lows on the 17th, SBD and STEEM are clearly outperforming BTC:
SBD up 150% from $2.93
STEEM up 107% from $2.73
Bitcoin up 22% from $9230
Bitcoin bulls also seem to be attempting a Double Bottom reversal from key support and I think the market-wide correction could be over:
Looking for STEEM and SBD to continue to outperform in the coming weeks as sentiment picks up and the entire market recovers from recent weakness.
I feel like Steem is going to be a top 5 coin again. If I check all coins in the top 100, steem seems to be the best longterm hold.
I think d.tube will have a massive impact for steem in 2018.
We already have an alternative platform for youtube, reddit, twitch, instagram, etc.. As soon as more and more big youtubers start to upload on d.tube too, steem will go to the moon.
I think steem will also draw a lot of value out of other projects which only try to cover a small section in the social media world.
My personal guess is that steem will have a marketcap above 100 billion at the end of 2018. Mainly because they advertise in all directions in terms of social media with all the platforms build on steem.
The road of steem has just started.
I agree!
correct!
Holy ---- 100 billion! That's a rosey picture but I would be afraid to ever bet against what is going on here. Love the optimism @a-0-0-0-a!
i fear that when the famous people finally come then we the infamous will be forgotten
i hadnt thought about that
Since Weiss gave my portfolio a perfect B rating today, I just can say "Thank you, guys! You know your job!" ;))
Even though I personally do not believe in ratings agencies (watch The Big Short), I'm happy to see they at least they have some smart people over there at WEISS.
Steem is pretty much the only cryptocurrency that you can actually use to benefit yourself and others, and more and more people are starting to discover this fact as well. 🐳
I think the rest of the crypto world is going to discover what we already know, that steem is the best coin. Our blockchain can be built on and it's better than even Etherium's blockchain. I'm glad I hopped on the steem train when I did
I really don't understand why a completely isolated event like the WEISS report can be considered to predict the prices of a coin, Steem rose in price because an agency said it was an OK coin, not because of any wave or trend, it is a one time event, now let's hope Steem is able to keep itself up there.
You obviously have very little experience in the field you are attempting to discuss, thanks for dropping by though :)
it's recovering my friend. Now we are hoping it will rise higher, cheers!!!!
I wonder how many Steem users we can get to by February
great post and nice educating content.
keep the knowledge flowing.
This information is helpful because it keeps us optimistic about the future of steem. I believe there are some strong word for neutrals and outsiders there. So my advice is that now is the best time to capitalise on the strength market for investors. Take heed