Daily Steem Price Update: Steem Fell As Most Altcoins Today, Down 12%
Steem was not alone to go down today, most altcoins fell and that is more common than not when Bitcoin is tanking. Now, lets have a look at the daily chart:
Comment: Steem is still below the important bollinger band median at 5,25 (red moving line) so in order to turn bullish we want a daily close above that price.
The candlestick we formed for the day is pretty negative looking, kind of a lousy hammer. However, we did bounce off the 50 day moving average (black moving line) so there is some hope here.
Having that said, it is very important to watch Bitcoin during times like these, altcoins are very sensitive and the correlation to Bitcoin is looking very high at the moment. I still think that Bitcoin will continue to go down from here and if that will happen, Steem will likely go down to 3,80 or perhaps 3,30.
Remember to power up during days like this, today you will get 1,54 Steem Power for every Steem Dollar you earn.
Happy Steeming!
I wouldn't be surprised if Bitcoin touched somewhere around the $5,000-$6,500 before having another huge spike. I think a lot of people come in with the hope of getting rich quick. They buy at the peak freakout and begin to sell.
If it can manage to break 20k during it's next bull run, I can see it hitting 50k. Which as I type I know it sounds crazy, and I could be totally wrong.
I do love a good down day though.
Yup, the majority must be wrong in order to make a bigger move. A lot of new people came in between 10-20k so they are desperately selling and we will see how far down we will go, I think that 7,5-8,6k will be the bottom, but we will see.
only time will tell