Steem Dollar: The Bearish Trend Continues + Long Term Weekly Analysis
Steem Dollar did fall today again as expected, we are in a downward spiral and Im still waiting for that directional change. Anyways, here is the daily chart:
Comment: Steem Dollar fell 5% and we formed another bearish candlestick so it is likely that we will continue to fall further tomorrow.
In order to change this negative trend in the near term, we want a daily close above 2.35 which is the descending trendline in the chart and also right at that black horizontal line.
Now, lets have a look at the weekly chart just to get a better view of whats going on:
Comment: Ok, here we can see that it does look pretty likely that we could go down to 1 USD. Now, why do I say that? Well, often times, the price want to complete the full circle so to speak. In this case it means that the whole "bubble" will be completed, that we go back to scratch where we begin our latest move to the upside which began in November of last year.
The good scenario here could be that we already have long term support at the current level of around 2 USD so this could be enough, so I wanted to give you some hope as well.
Happy Steeming!
Thanks for the hope. The only real reason prices are falling is because of the BTC bear. I did expect BTC going sideways at the beginning of the year. I just didn't think it'd be this bad for solid alt coins. Guess I need to experience the markets better.
I'm experiencing my first major bear market ever ,my patience is nearly exhausted ,selling getting tempting everday that passes the only on thing that's holding me back is the image that of the coins when their done with the slow correction gaining monstrous value in short amount of time .ripple would be a good example or when sbd on poliniex is just dubbled in only day crazy .I hope bitcoin start behaving .
I actually got over that part pretty soon. The best trick is to be pre-occupied with something. But of course if you put your money on some shaky investment and look away, you are going to get screwed. So pick an investment that is going to win no matter what (Dash, EOS, PIVX, MCO etc) or go for a one with real utility for you. STEEM is a perfect example. I'm making STEEM off of STEEM. Some other PoS coin or NEO would also do. Personally I got a considerable portion of funds into STEEM. I'm HODLing rest.
I was expecting a long sideways correction. That's why I was so into STEEM. My account value has almost halved. But my STEEM has grown faster than what I'd have made with NEO GAS.
No. I just want the bloody curse to be a small portion of the crypto market. That would leave the alt-coins alone.
Thanks for the analysis and sharing your opinion.
"The good scenario here could be that we already have long term support at the current level of around 2 USD so this could be enough"
Am a little confused by this because SBD is "soft-pegged" to 1 USD$ -- especially for the longterm. See the steem white paper for the acceptable variance from $1, in either direction.
Also, support becomes resistance, so does that mean $2 level will hold down SBD if USD$ surpasses $2 consistently...