Daily Steem Dollar Price Update: Steem Dollar Is Now Less Worth Than Steem, First Time In A While...
The Steem Dollar plummeted today along with most altcoins (except Steem). It fell 20% at most. Here is the daily chart:
Comment: At this time of writing, Steem Dollar is right on the cliff of the 200 day moving average. If we will break through here to the downside this could likely go down to 2,36 which is the closest support.
In terms of the stochastics, we have now reached down to 20, so that could indicate that we are about to bounce off from here.
Whats interesting with todays activities is that Steem has now surpassed the price of Steem Dollar. This is the first time in several months.
Finally, I wanted to show you the area line chart:
Comment: Here we can see that the near term low is 3,70 and we are right now at 4,20, so that could be next if we loose support.
Happy Steeming!
So, are you suggesting we hodl and buy more or should we sell off even in this dip? I look forward to your response.
classic statistic are a one-size fits all, even in traditional forex market, support, pivot points, all is based on the median of all data over all time since the beginning when it was first recorded. This is NOT a valid indicator since it does not in the slightest imply real world events (Trump makes a tweet ... Korea shoots a missile ... europe bans russia from exporting oil and cuts its own flesh, the euro goes down ..)
It applies even less to crypto. I think the best you can do is eyes open. People tend to "flee" when disaster strikes (lets say sentiment, it doesnt have to be real it can be a hype). Traditionally this would mean gold price up if dollar down ... with crypto there's more places to flee, thats how china actually made BTC possible into what it is, then the govt stepped in and price went down.
Those are the triggers, all the statistic jumble is just hollow probability based on all time over all data. You're better off with a micro-martingale or grid making microcents on "noise" as it keeps oscillating. I bet thats what the main algorithms do mostly (if i still make any sense at all here) ...
Steem is still not really a completely 'adopted' currency ... and its really hard to say .. LTC stood at $40 max for years before it surged ... people said BTC was dead after it dropped from over $100 back down , there's no real world stuff to measure it against (yea, stuff, thats my pro-jargon, i dont really wear a wallstreet suit but i know enough about statistics to know that i wouldnt bet my money on the classic pivot points, resistance or support levels, id much more keep an eye on world events and psychological levels, question is here : WHAT IS a psychological level on a new cryptocoin ?
i could go on a while like this on omega points and supercomputers and how HFT noise trading is probably something only the already rich can afford to make happen but i'll try to keep it short, its late and im actually surprised at myself that i broke through the medical haze to state this :
suffice to say that if these statistics would be worth anything, then all those people on tv would be forex millionaires i.o. infomercial presenters, but bloombergs gotta make a living and i betcha fiver half of them actually believes it since thats what it says in school but it is what it is : hollow, unbacked pure numerological statistics ... like saying you have more chance of a girl being born if the moon is full at conception or something (well not quite but well) ...
there's other things, if you're into the metaverse ... core laws of nature applied, say gravity applied to the metaverse would dictate that in any system things will orient or balance towards a center when external pressure or 'force' is not applied ... translated : if you get a huge spike you get a reasonably high chance it will retract when the storm calms, but that's by no means a guarantee that it will go down or even flatline, it might just be gearing up for the next spike (and frankly, even talking about "it" as if "it" is an entity is dangerous imo, it leads to magical thinking which is the last thing you want when dealing with finance)
nuff said, ... i'm out
and so on ... anyway
good luck, don't bet your kids college fund on it
I've never seen steem dollar worth less then steem... what happened?
I guess all the Koreans have jumped ship :(
Do you think this also has something to do with bitcoin being about to drop below the $9000 usd mark?
I think there will be an opportunity to buy up some more cheap coins soon. :D
Does this mean the end, cause I've been watching the price fall all week, 😓
These coins ain't loyal