Steem is Dropping Hard Right Now

7 months ago

I'm not a crypto expert but I am looking at Steem right this second, and it's dropping really hard and fast:

drop.jpeg

The severe downward line is what is bothering me......

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NOOOOOOO!

(huffs and puffs and blowsssss...STEEM...)

Hey it's all a matter of perspective. You're looking at the 30 min chart... but if you look at the 1D chart it kinda changes things a bit:

2017-03-18_12-56-34.png

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Thats right angle!

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this doesn't show what's going on today...

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It was just for perspective, since that was a fast rise out of nowhere. Do you have an opinion (that you wanna share) about what might be going on here? It's super curious after such a turbulent week.

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I reckon there were some big buyers hovering up a lot of cheap steem and now they have got what they wanted and stopped.

The question is, who could that be? Tis a fortuitous time for a rise which leads to all manner of speculation!

Then again it could start pumping right up again, who knows.

some people are cashing in. no wonder at +200% ROI in a few days. but the general trend will go up. longterm I believe 5-10$ will be realistic goal. remember it also took facebook 4 years to really start the moonshot in terms of users worldwide

BTC is dropping like a rock as well.

It is still up from where it was before. Pretty much all crypto spikes have a crash. The peak is not sustainable. Where the new equilibrium is is yet to be seen.

Hopefully what happened was a lot of STEEM exchanged hands, and went from people that were looking to get out to people that wanted in.

Compared to where it was 7 days ago it's still massively positive.

I try not to look at the markets because I'm not good at day trading anyway because my timing is always bad. LOL I'm just going to do what I do, accumulate my STEEM & SBD where I can and sit on that egg.

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LOL

It looks like it's being shorted which means you can profit by shorting but yeah. I don't bother looking at those daily charts. What matters is how much we are making for our posts.

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Yeah, it's an indicator that it was propped up by a big player. Anything that rises too fast doesn't seem sustainable......what are your thoughts about the whales abstaining from voting?

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I don't know yet what I think about the new curation. I have to post more often to see how it's effecting me and then a cost benefit analysis will let me know.

When I speculate I tend to take a view of a year, or even five years, but I don't like to day trade unless I'm really desperate for quick money. I tend to look at technology, community, ethics/passion, when looking at projects. I look for leadership in those areas.

Still so cheap at these levels. Based on the volume we are going much higher in the short term.

Stellabelle, you've been here since May, not July. Crypto has been a little wild lately. Swisswatcher could be right, but maybe its people trying to buy low and sell high, with the swell.

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I've been here since June. Did you know that @kenny-crane has the world's only Clay Steem Dollar?

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that video still cracks me up.

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I love the beta bill! @kenny-crane is a lucky guy. lol

might be a buy opportunity

That's "VOLATILE" for you right there!

It is bitcoin that is having panic sell because of possible fork

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yeah, and I can't sell on Coinbase! It's driving me insane...

There is always going to be some fall back after a rise.

That is quite normal. It still about x3 what it was a few days ago and will likely fluctuate up and down. There is no such thing as linear progression particularly in crypto markets.

what goes high usually comes down fast, priced doubled in less then 1 day what did you expected?

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It's exactly what I expected actually.

This is usual after an unsustainable pump. I've been watching the crypto markets for 3 years. It could be a 'flash pump' that is fizzling out. It could be regrouping to go again. Too early to say. It's going to take a couple of months to see how much of an uptrend this is.

If the resistance at 32-36k sat is broken we could see a major break up.

Either way, better than languishing at 5k sat!

Would you believe if I told you it's Putin's fault?

Interesting:
The internal market is still somewhat behind.
If you still have liquid Steem, this might be a good moment to sell, if you think the downward trend will continue.

This same pattern has played out numerous times in the past. Four days of explosive gains followed by a total loss and continued downtrend within the next two weeks.

This is why I say that we can't call a new uptrend with any kind of confidence unless gains can hold up for at least a month. I'd prefer it be at least 3 months, personally, but that's just my style.

Perhaps what follows is a healthier growth in price and community. :)

It all depends on who's selling that much, we may be happy that they're selling. Hopefully the big sell offs help to better distribute steempower overall, but that volatility is enough to give ya palpitations!

do not worry! everything in our world evolves in waves structure. After huge rise 50% decline is almost a rule. I would recommend you to read about Eliot theory, it is very interesting )

Yeah I would be interested in who is putting Steem in play, how much of it is in house( Steemit) and how much of it is being powered up. It will be an interesting week. Then there is the danger of one of the big hedge funds or the like shorting it.

Its still only up 200% from 2 days ago....NO!

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But, why can't it just go up forever??

Look at the 1 day timescale. Not the 1 hours.

Not unusual in the crypto world, just dollar cost average if you want to buy and continue to support steem long term.

It seems to have stabilised around 20c for now. That's an improvement. I don't see it crashing any time soon. New people are coming to Steemit and that will help

Speculators pump and dump. They got in Wednesday when the price starting going up, today they're taking profit. People are still buying, though.