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RE: DAILY STEEM REPORT JULY, 17TH ★ STEEM 0.99$ + 593 New Accounts
From an elliot wave perspective, BTC is very likely not done with the correction and it is a bull trap. So STEEM is likely in a bulltrap, too...
I think against common belief that the fork will push everything higher.
Actually, I also thought this might be the case. It's possible that the market might act contrary to expectations and go down still after Aug 1st. This is more in align with contrarian thinking.
I seriously hope it is not going down much further after Aug1. Because if this is not a corrective double ZigZig but an impulse, I have to favor targets of 1160 to 660$. That would wipe out 80% of the marketcap. Not good.
I actually don't think it'll reach $1,160. I think even before it hits that price people would just start to buy in since it would seem to be a good value.
This is what my indicators also tell me in weekly timeframe.
What exactly do you mean? 1160 or just bulltrap?
I wouldn't call it a bulltrap rather than just shorts reloading before final push to find a proper floor to this bear market.
Please read my last article. The situation has changed. There is not need for a new low anymore. This is an impulse wave so therefore no bull trap is expected anymore...
Always link your article if you want it to be read. Monthly indicators still high, wouldn't be so sure myself.