STEEM'S SELLOFF ACCELERATES - WHERE WILL BE THE BOTTOM?
STEEM DOWN 30%!
I wrote a post the other day, confirming my bearish bias as the bullish long-term trend line broke. You can see in my chart below that the sell-off has accelerated and today I woke up to see STEEM down 30%! The interesting thing is that the bullish flag in my chart which is often a bullish sign has completely failed which is going to produce more negativity in the market. I would expect the price to drop to at least 0.0004 BTC which isn't that far since right now as I'm writing this post, the price is 0.000441 BTC! We should see what happens next.
WHERE IS THE NEXT SUPPORT?
If the support line at 0.0004 BTC does not hold and breaks, the next support is going to be another 50% down from there at approximately 0.0002 BTC! If that happens, it won't be a very good sign and will probably take at least a couple of months for STEEM to start another bull market. Why? This is only my opinion derived from previous patterns and past data. Could I be wrong? Absolutely! Nobody can predict the markets, unless they own the majority of an asset. At the end of the day, it's all speculation and second-guessing.
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.
WHAT SAY YOU?
If you like this post, please consider giving it an upvote and/or a resteem as that will encourage me to post and share more stuff like this. Also, please don't forget to let me know what you think below. I won't be able to reply to every single comment, but I promise that I will read them all!
Don't forget to UPVOTE, COMMENT, and/or RESTEEM!
FOLLOW ME ⇿ @msg768
UPVOTE, COMMENT, and/or RESTEEM!
FOLLOW ME ⇿ @msg768
I would wish it to go lower that it's actually being... My view is that I should actually buy very long term, to benefit STEEM community. Because people like me will hold for years, before starting to drain... buying now is all I want. The lower it gets, the more I will buy... you get the idea.
STEEMit in 2 years will be bigger than Facebook. The mass hype is not yet here.... wait for it.
I wish that too! There's another blockchain-based social media I heard of last night. I have to check that out too. Not sure if you've heard of them or not. But steem is definitely gonna be leading just like bitcoin! http://ong.social/
Looking at the market right now like.
I would still wait :]
I use "Buy progressfully... 10% every 3 days".
I think things will look up after bitcoin survives August 1st. I'm waiting to buy some STEEM and BTC at the end of July. I doubt we'll see much upward momentum until August.
I agree :]
I too predicted a dip in price after hf19.
It's actually a very reasonable response to the change, and had to happen eventually.
I'm just glad we forked while the price was high and we could take the hit without blood on the streets.
Nice! I must have missed that post :]
I had no idea thanks for posting I'll keep an I on this and maybe I can get some on the cheap
No worries :]
Time for a power up, @msg768 ?
The most important is that any investment is a risk. Things might turn around if BTC hardfork happens.
Otherwise, why not try to work on an ecosystem inside steemit?
resteem
I'm still trying to figure out how exactly things work here. My best post yet got paid and the conversion rate was 1.55 and I had another small post just before that with a conversion rate of 1.30! It looks like the conversion rate depends on which witness processes your post at the payout and some witnesses are very slow at updating the rate which results in such a mess! :[
Conversion rate as in Steem Dollars to Steem?
The system is supposed to treat SBD like USD. Some witnesses have updated the price to below 1.10 now but mine was picked by @riverhead whose price is 1.55! You can check the prices HERE.
uh..... technically.... lost....
Thanks for posting! I feel the drop is just healthy and I would appreciate if it would be even deeper and more dramatic. I don't think the state with so many new crypto currencies is healthy. I hope for a massive wipeout and hopefully steem will be one the cryptos that stands ground and prospers afterwards.
Your welcome! :]
This post has been ranked within the top 10 most undervalued posts in the first half of Jul 11. We estimate that this post is undervalued by $40.08 as compared to a scenario in which every voter had an equal say.
See the full rankings and details in The Daily Tribune: Jul 11 - Part I. You can also read about some of our methodology, data analysis and technical details in our initial post.
If you are the author and would prefer not to receive these comments, simply reply "Stop" to this comment.