STEEM - The drop should continue

in #steem6 years ago

Hello all,

Here was the chart of yesterday :

STEEMUSD.jpg

Here is the current chart :

STEEMUSD.jpg

As I expect the continuation of the drop on the BITCOIN, I expect also from the STEEM to continue its correction and go test the support line in orange. We still have a little support lower than this line with the previous low around 2.65$ but if we break that last support, we could quickly go back in the 1$ level...

I wish you massive profits,
Cryptopassion.io

Disclaimer : Never invest more than what you can afford to lose. This post is my personal opinion, do your own research before making any investment decisions. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.

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STEEM will not drop below $2 unless BTC drops below $6000. There is nothing going on with STEEM. It is just following BTC and overall altcoin trend which is BTC's downtrend and altcoins following more vigor (more downtrend). It could change to any forms: BTC downtrend & alts stable, BTC uptrend & alt stable, BTC uptrend & alts uptrend. Nobody knows until it changes direction on some news that trader decide they will pick a trend. Current trend is probably due to BTC's low fees that subverts demand for alts. And, BTC is just moving sideways.

There is no need for cryptos to go down to early 2017 levels, but it may happen... so we have to consider it. Crypto may be done as a major get-rich-quick investment, for good.

Business insiders have opined that in their opinion, the crypto market has been successfully defused. Dumb money (millions of inexperienced little investors, most smartphone users from third world countries) have learned that it's not them who are making the market, it's them who pay.
With charts going down or sideways very frequently, that is two thirds of the time, little investors are bound to lose, so their interest is waning.

They are now mass-withdrawing from the market, understanding that "get rich quick" is no longer an option.
Skyrocketing cryptos will be a rare high-risk exception, and only insiders to a pump can profit of them.
Therefore, little investors will be either sending their money back to their bank accounts, where it can have real-life use, or trying to play the forex markets.

Crypto, from now on, will be in the hands of the very people it was designed to ward off : the money industry.
If you watch the crypto charts with hindsight these days, you cannot overlook that the regular, mechanical action there is mostly being caused by the market makers' trading bots, with occasional pumps and dumps to shoot off stop losses and sell orders of the remaining, clueless human operators.

Deal with it or keep waiting for a rare breakout, listening to the massive steemit prophets.
@cryptopassion fortunately isn't one of them..

I bought my steem about 1 usd...do you think it will ever drop to that price again?...i would definitely buy some more at 1 usd :)))

never this will drop to 1$ after the feb u can see the price of steem will 5$ or near

I don't think it will go down as low as $1 again, because so many of us would buy more before it got there. Steem is different to most coins because powering up locks us in. I hope that means it wont fall as low as many other coins might do.

Man this bear market is getting scary.

I'm not concerned about the drop in Steem price. Bitcoin is falling at the moment and we don't yet know how low it will go. I hope the fall will end when those that aren't comfortable holding it give up and go back to fiat. That will just leave the rest of us, that will hold whatever the price. That should be the moment the bear trend ends and the price starts going up again. I'm sure Steem will bounce as well.

I just hope that SBD doesn’t drop by as much as Steem so I can cut over my SBD at better rates.

I would say to anyone that is seeing this, if you can buy more steem. Steem is just following bitcoin right now but bitcoin will go up and soon. There are so many instutions right now that are trying to get bitcoin etf, bitcoin funds and everything bitcoin. Once these come to play, then the instutitional investor who cannot invest in bitcoin as a pure investment but can as an etf or mutual fund or some other fund will start jumping in. So this is a great time to buy if you can. Power up on steem!

The price WILL go up, in my opinion. Cryptocurrency are the future, people are still getting around the idea and most don't really understand what cryptocurrency is or how it works, including officials. In the long run, the prices wi soar high tho.

Steem will see ATH by the end of the year-bullish

@cryptopassion.Thanks for this timely information.It is left to investor to make responsible decision on when to invest in any crypto for now.It obvious that there is a slide in the price of Bitcoin and when Bitcoin declines,it affects other crypto.I think any wise investor should wait and watch the way things goes now before buying.

Never invest more than what you can afford to lose<< I like this principle is necessary as a good basis of economy

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