MY BEARISH CASE FOR STEEM - A DIFFERENT PERSPECTIVE THAT OPPOSES THE POPULAR OPINION!
A DIFFERENT PERSPECTIVE
While almost everyone is happy about the recent dip in the price of STEEM and is encouraging others to buy the dip, I'd like to take a step back and look at the chart. Let's put our emotions aside, and use some common-sense along with technical analysis in the chart to see what's going on. In fact, that's exactly what I did today. I know we are all biased and often times, when we look at the charts and we try to analyze it, we tend to read our bias into the charts. But let's try our best not to do that for a moment so I'm going to only look at the chart and nothing else. Neither the fundamental reasons nor the emotional biases that I may have towards a particular direction.
STEEM/BTC DAILY CHART
A couple of things in the daily chart is quite obviously and undeniably bearish and negative for the price of STEEM in the coming months. I'm going to list them below and please, by all means, feel free to disagree with me and/or correct me in the comment section below. if you think that I am wrong. I promise you that I will be all ears!
- The daily bullish trend line is broken.
- The 30 EMA has crossed over the 50 EMA.
SHORT-TERM RECOVERY IS POSSIBLE
Perhaps last day's hammer with a bigger volume compared to its previous day is the only bullish sign that I see in the short-term; a bounce from here is not only possible, but also expected in my opinion. However, in a longer term or perhaps medium-term, there is nothing bullish in the chart as far as I'm concerned. To be fair though, charts aren't the only thing and they don't always tell us the truth so could I be wrong? Absolutely.
MR. OPINIONATED!
Please be advised that trading cryptocurrencies comes with a high risk and any opinions, research or other information contained in my posts is provided as a general market commentary and opinion only, and does not in any shape or form constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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Solid post! Upvoted and Re-steemed.
I think it will be a tough slog for Steem over the next week.
Thanks bro! Where did you get that chart from if I may ask?
what chart?
Upvoted and Resteemed by the xx_Votes_Plus curation trail! Want more earnings? Follow @dropahead in Streemian https://streemian.com/profile/curationtrail/trailing/396 and/or delegate some STEEM POWER to @dropahead! Keep up the good work!
Even though I bought a ton of Steem yesterday I did it for the bounce that I expect. Long term we could be heading lower. I stopped powering down a few weeks ago and will hibernate for the next six to ten months as I wait and see what happens to the platform and the crypto markets.
There will definitely be a bounce, however short-lived and will be followed by another wave down imo. No one really knows what's going to happen though lol. At the end of the day, it's all speculation. I'm still positive long-term. Let's not forget how long it took bitcoin to get where it is now! :]
I can not tell you that I do not agree with you but I hope you're wrong
Why? How much STEEM do you own? I still think on a longer term, STEEM will most likely go up. But by looking at the chart I can only assume that it's not ready for a big rally yet!
I think all crypto's are falling as they are following bitcoin, roll on August 1st. After that they will continue to rise again, as more and more people are being introduced to them.
Do you know why they're falling though?
People are scared of the hardfork they don't know what to do, so are trying to sell up before it comes. Don't forget not every person that owns bitcoin are technically minded, some people have it for other reason, like black market and hiding from tax authorities.
so is steem going to continue going down !? Its hardly worth using my SD to buy steem when its the same right now ! I would also like to sell a bit of steem , or should I wAit !? 😕
I don't know for sure. Nobody knows. That's the reality. But I personally think there will be a short-term bounce from here and then most likely another wave down to possibly below 1 dollar this time. But yet again, this is only what I think is going to happen. I could be wrong! So don't invest or trade because of what I think! Do your own research and thinking :P Good luck :]
always do thanks ! Like to hear what others think though that know more about reading charts and what it all means ! LOL! Thanks , I appreciate your post help and advice ! Good luck to you as well!!👍👍👍👌
The whole market went down yesterday except for a handful of alts. I want to see what the bottom is for Steem and sbd. I think that your right about your bearish outlook. Until we see some bounce it's likely to go down more or stay at these levels.
We've already seen a good bounce. Yesterday, it was around 0.00033 BTC at one point!
Interesting analysis. Better than the head in the sand and wait it out comments I've read. The general crypto market is on a downward trend, with a few small ups on the way down. Have a look at my post from yesterday and let me know what you think. My theory is that having 1SBD pegged to 1 USD is having an elastic band effect on Steem, so it will go up, but eventually always track inline with SBD and get pulled back down toward parity. Would love to know your thoughts on this.
I agree with you brother. I think holding SBD is pretty safe and wise right now. :]
Agreed. SBD won't go below 1USD for long before it goes back up, but how far will or can it go? If anything Steem is the volitile of the 2, but stands the better chance of going up into the stratosphere. Just don't know how strong the elastic band between Steem and SBD is. They seem to be moving with each other.
They only seem to be moving with each other because STEEM is still at its very early days. They weren't moving together a couple of months ago when STEEM was between 10-30 cents!
That is true. I guess there isn't a long enough timeline to fully analyse the relationship between SBD and STEEM yet. There is some codependency there, and I hope my elastic band theory is wrong. The way I see at the moment is that small changes in SBD trigger amplified movements in STEEM shortly afterwards (keeping other factors constant), much like an elastic paddle-ball. We'll see in time I suppose. Hopefully the elastic snaps!!
Although we would love to see otherwise, the charts dont lie most of the time.
Doesn't look to bright on a technical view. It's a great thing to see the platform grow from a users perspective though :)
Exactly. Trying to analyze the chart without any emotional bias is very important. :]
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