Legit IT Breakout in STEEM
If we look only at price, then we can say STEEM has broken out of an intermediate term basing pattern and likely entered into a sustainable intermediate term uptrend. If we look at the volume pattern, I think we can say we've got confirmation. If we look at the technical indicators, we've got even more confirmation, and there's more of the same with the moving averages, and just about everywhere you look. We've got even more confirmation when we ask whether this price action is justified on the fundamental level when we answer, "without a doubt" - what with the growth in all areas from Alexa Rankings to actually taking over the leadership position in network activity as seen on Block'tivity, we've got some of the best reasons among many for why STEEM should be going nowhere but up, and none of this is to mention its continual technical improvement, SMTs, and a thriving community quickly turning Steemit into the most promising social media around.
In fact, it's pretty hard to find any negatives.
To be honest, I think I'm erring on the conservative side with this. 😯
@cryptographic,
Friend you know I am daily posting Blockvitity status! In last couple of days STEEM breaks it's own record of highest transaction few times! I was curious but I did not try technical analysis! Today you did! Pretty amazing!
How many times I am thinking about this! Crypto world is equals to Stock Market place! If I am wrong please correct me! Good coin equals to a good company. The power of the coin depends on the concept behind it or investors who is behind the project! Best example Ripple, what happened to that coin in last few weeks of time! It got investors, but concept wise, personally i don't like it!
What STEEM has:-
So, this coin is still at it's stress testing level! I think it might rise anytime now! (I don't believe this $8 rise is an actual bull trend)
But with your analysis we can get a clear picture! Coz I am not an expert in Chart analysis or Technical analysis! So, I wish to hear from you more information about STEEM as well! Thank you very much for sharing this great article with us!
Cheers~
A good entry would be at the bottom on the channel in the $5-6 range, but the way this market has been trending, it seems like a low probability that we get there.
If one was looking for a buy, how would you approach this? I hate buying up and if I'm in this for the long term, does my entry price in these early stages really matter?
We might have a good channel to watch. Looks like price confirmation off of the 50% lower channel. It could also be a 50% measured move retrace confluence, and it's slightly above previous all time highs.
Crypto in general is trading very technically, especially the best prospects, and that usually indicates professional involvement. This is something we've seen for over a year now on the buy side when things are moving up; on the other hand, the downside has been more emotional, in general. I'm looking for a firming of this trend in 2018 - 2018 will be the year of the institutionalization of crypto in my opinion.
I've rebalance my portfolio and picked up some more steem yesterday in the 5.50 range. Could literally feel the pressure releasing from my body after the rebalancing.
Checkout my summary of your epic blog:
https://steemit.com/trading/@dirkboy41/turn-usd10k-into-usd1-million-cliffsnotes-cryptographic
The only negatives I've seen so far are from users, typically from bots or flag wars or what have you. Other than that this place is puuuurfect
Yep. Humans will be humans.
The biggest long term risk for STEEM IMVHO.
Hello @cryptographic,
Extraordinary good analysis. You based the analysis not only demand & supply. To gain a demand any coin must complete few criteria. STEEM did it well & I think it will rise more. Your analysis covered all fields & presented the conclusion. Extraordinary good & a professional analysis from you. Excellent article & a good reference to all crypto players & investors.
~@mywhale
Yes you are my friend.
I wrote an article last night about whether it is possible for STEEM to get to $1,000....it is.
This morning I wrote how we are going to see a massive explosion in the number of users once the hard fork takes place and users are able to get started immediately due to an automated sign up process.
This place is going to go numbers here in the next couple months. This blockchain is already seeing the most activity on a consistent basis and it will be at least double that by April.
So yes @cryptographic...you are being mega conservative.
Hi @cryptographic , I already made a comment on this excellent post you made about steem about 3 days ago, however, I wanted to give you:
A big shout of appreciation for all your support with the 11 Chapters full Steemit guide as of now! With the huge support of yourself @cryptographic , as well as @blocktrades , @lukestokes , @starkerz , @stephenendal , to reach many more people as expected.
I have not counted again but all the first 4 chapters have reached the hands of more than 2,500+ people reach and 280+ comments and questions, and this is already amazing for me, because my aim of helping many new users, new visitors and minnows to understand as much as possible about steemit and the steem blockchain is becoming true!
Talking about the 11 Chapter full Steemit guide, I wanted to ask your thoughts on this last Chapter!
As on every Chapter, in Chapter 5 I posted today, I mentioned you as one of the top supporters! Really appreciate it.
Here is what Chapter 5 is about, and a link to it:
Chapter 5 of 11: Learning some of the many "Other ways to Earn Rewards on the Steemit Platform & Steem Blockchain" - This is part 5 of the 11 Chapters (Full Guide) to help new people make their way on Steemit
https://steemit.com/steem/@gold84/chapter-5-of-11-learning-some-of-the-many-other-ways-to-earn-rewards-on-the-steemit-platform-and-steem-blockchain-this-is-part-5
--
Looking forward to hear from you on this one in any comments section! Your knowledge and experience @cryptographic together with @blocktrades @lukestokes @timcliff @starkerz @stephenkendal @steempower and @elear as well as many other, has been inspiring me to continue with the series, and even add more value and additions to it.
Regards, @gold84
Awesome analysis!
yes steem crypto to the moooon next time
thanks for this post
I wonder will someone be able to explain what really happened in steem world? For so long both steem and SBD were tumbling around ~$1. And tonight steem jumped +25% while SBD +230%. Why is this? Why this SHARP jump? And what makes sbd to walk so much away from it's native $1 where it should sit all the time ? This SBD price crazy fluctuations is a total
mystery to me.
I know man ,but steem coin are big price level up.
and i always upvote and support you.