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RE: $STEEM/BTC : Recent Price Action Confirms Downward Trend (Technical Analysis, Poloniex, August 21)
Analyzing some chart patterns for something that's barely 4 months old as well as in its very early beta-phase and trying to predict a price for year's end seems a bit vague, to say the least.
But I'll leave an upvote for the effort.
Nah its cool :) Most if not all financial instruments make the same patterns. This is mainly due to order flow or investor psychology like I wrote in my post.
The BETA label doesn't mean much these days. Bitcoin itself was in beta for years. Maybe it stills is? BETA is just a label used by developers to limit their liability if shit hits the fan.
https://bitcoinmagazine.com/articles/bitcoin-beta-longer-gmail-1396323056
I worked as an equities and derivatives trader as well as market maker in investment banking for some time. So I'm "somehow" aware of the idea behing technical analysis. That's why I wrote this comment... ;)
By "Beta" I'm not necessarily refering to the label on the logo, but the actual developement state Steem is in atm, with the constant updates and features added as well as the fact it's on the market for merely 4 months now.
It's a project that's so "new" regarding concepts, ideas, user base and chances as well as possible flaws etc that simple chart patterning doesn't do any good for mid- to long-term assumptions. It's in such an early stage that it either fails completely within half a year or takes off. There's not much inbetween due to dozens of facts and issues that can't be factored in by only applying technical analysis.
It's trying to do technical analysis for a company like Apple the moment it came out of the garage. There's so much uncertainty on where it will go, such analysis is interesting but basically useless.
But again, not trying to downtalk the effort you put into it.