The Price of STEEM is Flirting with Disaster

in steem •  last month

In August I discussed how the 80 cent level was a key technical price level for steem and that we were going to come down and test. We did indeed test it and successfully bounced off the price level twice - we are in the clear!

Au contraire mon frère

Not so fast boys and girls, it seem this latest crypto market dump has taken steem down again and the problem is we breached 80 cents!!!!

Houston, we may have a problem.

Below is a daily chart of steem against the USD. As you can see last month we bounced of 80 cents twice. It looks like a recently established level, but it is actually a level from way back in the day and the two recent tests made it that much more of a psychological price point.

With price closing below it, what now?

Look Out Below??

Do you see what I see?

There is a lot of real estate below 80 cents. The only real basing we have is back in May of 2017 at 25 cents and then after that it's down in the teens.

That is not to say there isn't any pivot points before then, but they are more pivot points there real support levels. When I zoom in I can see big intraday spikes off levels in the .50-.60 area so it is worth taking note of.

However, in the end I am a fan of established levels. Levels that show there is clear buying support and, well we don't have too much of that below 80 cents for a while.

Hoping things don't get ugly. Let's hang onto this 80 cent level instead.

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Disclaimer: All info in this post is my opinion and for informational purposes only

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This is scaring me a bit! But i feel like it will have to go back up at some point. Time to load up on more

Posted using Partiko iOS

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As the saying goes "buy when there is blood in the streets" not sure if steem is that bloody yet but sub $1 prices is limited risk no matter how you look at it.

Definitely a concern as the more times price levels are tested, the more likely they are too fail so will need to look out for it. Also, SEC just released a temporary suspension on trading the two Bitcoin ETF from Europe that have been trading which has put pressure on bitcoin. We know that the market follows bitcoin so will be an interesting overnight session.

My original target entry point remains $0.60 as I place I would buy more Steem. I really don't mind if it goes lower as I have a 10 year horizon and the lower it goes, the more Steem I will buy. The real question remains is when the Markets crash will the crypto space follow? What's your thoughts???

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Yeah, that is the $21,000 question. It really is a coin flip, will people flock to crypto or will there be less money coming into crypto because people feel poorer. Unprecedented time for sure.

Many many people think we are going to SPX 3,000 so may be a little until we find out. I'm on the fence with that, guess it depends if trump wins trade war.

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That really is one of the most important questions wrt the crypto market. My feeling is that crypto will not only survive, but benefit from a crash. It will do so by being used as "digital gold", a more useful form of gold. I believe that the performance of BTC in countries like Turkey, Venezuela and Zimbabwe during economic crises is evidence of this.

It looks like the same chart of every big alt coin.

Posted using Partiko Android

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Quite right, and thus no real cause for concern. WHen BTC dips, alts dip faster. When BTC rises, alts rise faster.
https://mentormarket.io/cryptocurrency/@bitbrain/supercharge-your-bitcoin

Unfortunately it seems Steem will just follow the market (basically BTC) wherever it goes these days. Only after projects fail will there be a re-assessment of true market value, at which point I would imagine Steem will benefit.