RE: STEEM: BTFD!! Explosion IMMINENT!! Target $14 Dead Ahead!!
Sorry @Haejin, but your Elliot Wave logic on STEEM is mostly a bunch of BS
STEEM's recent price rise is a big pump of volume. To get it back into approx 30th to 35th place in the crypto market, after it had sunk down to 42nd place. Per CMC. Coinmarketcap.com Take a look at the big volume increases, which correspond to the price pumps on STEEM.
When you analyze price movements without considering underlying volume, you are only using a small part of relevant information. The recent price movements on STEEM are directly linked to volume. When you try to analyze price movement without all relevant information, your analysis is lacking in value.
The larger piece of information to take in to account is this pumping action on altcoins has been common across the board in last two weeks, while BTC price was relatively unmoved. All the money in crypto space has been chasing altcoin pumps. STEEM. SIACOIN. etc.
Could STEEM go to $14? Sure. More than a double on current price. If all the cryptos above STEEM also do a double, then a double of STEEM is entirely reasonable.
But such a price change will have nothing to do with Elliot Waves.
are you assuming elliot waves are what moves the price? Your comment was well written but you have to understand that all elliot waves show is the trajectory of price movements, be it because of volume or zuckerberg invests in it, what ever the reasoning it doesn't matter, the theory works to show the price, but of course it is not why the price moves, I hope Im not missunderstanding you, cheers!
I agree that the volume uptick was the giveaway to steem's breakout above $4. I wrote about this in my recent post, "Steem's Blue Sky Breakout Above $4".
Notably, in the last few weeks of December, steem's daily trading volume per Coinmarketcap was hovering around $6M, give or take. Then it suddenly jumped to over $20M soon after Dan's 12/31 post regarding improving governance at steemit.
At the peak of the breakout run, the daily trading volume exceeded $100M. It has since settled down and the price of steem has pulled back some but is still holding above the $4 breakout level, which is a positive for the bullish thesis.
It is imperative for Steemit Inc to capitalize off of this momentum and roll out SMTs and innovations on this platform if they hope for the bull run to continue.