Steem Daily Forecast 17-07-2017 ~ Captain, the ship is sinking
Steemit Daily Stats (Monday, July 17th, 2017)
Price
Posts
Daily Payouts (USD)
Macro Events
Spotlight remains on the upcoming User Activated Soft Fork (UASF) flag day on August 1st 2017.
Fears of a chain split are amplified by the alternative solution - a centralised solution named Segwit2x.
Should the network hash rate signal above 80% in favour of Segwit2x by 29th of July, Bitcoin should end it's current downtrend and begin the complacency 'pump' which would see Bitcoin reach as high as the ATH if not higher.
On the other hand, if it appears that the signalling for Segwit2x will not reach 80% by August 1st, be prepared for multiple implementations of Bitcoin and more importantly, some serious dumping.
All eyes remain firmly on Bitcoin and market makers for altcoins will be following it's every move.
STEEM shows signs of cooling down, with rewards dwindling, new authors will struggle even further to capture their share of the pie.
Post numbers are significantly down for the day, and daily rewards are an incredible 20 fold down from recent highs.
Further depreciation of Bitcoin will compound these figures unless both Bitcoin and STEEM make a return to bullish trend. A scenario not unlikely albeit at worse, several months away.
Technicals
STEEM
STEEM price once again tested our green buy zone. This violent dump quickly recoiled to near 50,000 sats showing a fairly tight level of control by the market makers on STEEM.
I firmly believe we will consolidate in the triangle shown whilst the market decides how Bitcoin will scale. In the case that Segwit2x signals more than 80% in time for August 1st, STEEM will be head for the moon.
Price action speaks volumes, and volumes remain muted despite aggressive price decline. This shows a reluctance for STEEM to depreciate much further against Bitcoin.
Many long term users wait on the sidelines to scoop up STEEM ready for the next run up. Whether that's in the next few weeks, months or years, doesn't matter. Fundamentals remain strong, and a bright future awaits. Those willing to hodl at a loss for extended periods will see fantastical gains.
A clear sell orderblock at 57,000 sats give us the first resistance followed by 63,000 sats, and and 70,000 sats.
Support remains at the previous monthly pivot of 45,000 sats.
Bitcoin
Bitcoin initiated yet another dump as speculators go to fiat and wait for the August 1st decision day.
The price action has shown the same pattern on the way down as it has on the way up. Penetration through support, and then retest. Repeat.
Bitcoin has failed to break 1800 and has had significant buying volume nullifying further dumps.
In the short term, Bitcoin is now in bearish territory.
The 20/60 MA has crossed into red which means in the near term, selling daily highs remains a viable strategy.
The media will soon start to report the beginning of the death of Bitcoin and it's failure to scale amidst competition from competing crypto currencies. Do not underestimate the power of media FUD. This is a sign of capitulation and likely a trend reversal on the horizon.
CNBC is a prime example of sheep herding media profiting from their expansive readership.
Once news stories like this hit for Bitcoin, start loading up.
As always be mindful of the Bitcoin price. STEEM/USD is a synthetic pair with no active markets. This is why all of my analysis is conducted with respect to STEEM/BTC. A sharp fall in BTC price will mean a sharper fall in STEEM price in terms of USD.
Steem daily forecast is updated daily. Format is yet to be set in stone. Please upvote follow and resteem
~Bateman
Hmm what are there so many people posting less?
It is a result of the price going down, and some of the 'hype' fading. Those who are on board for the long run will continue to post, whilst others who came to make a quick buck (idiots) will leave.
Then they don't deserve the prize anyway
Nice charts and analysis .. What do you think about SBD? :)
SBD is a directly manipulated asset, much like central banks, the witnesses control the fundamentals for it by adjusting it's monetary policy (interest) which encourages either holding it, or converting it to STEEM. Right now, it is trading about 10% under par value meaning if it continues to stay this way, the witnesses will begin to raise interest rates on it. The only reason it is currently 0% was that it traded as much as 2 dollars to 1 SBD not too long ago.
Thanks for the updates on Steem and Bitcoin. How I wish that they soon regain their weight
Nothing can continuously go up without healthy pull backs.
Yeah you are right. I hope the comeback will be breath-taking
It can't sustain itself because of BTC. This will be a major problem or a good thing if nothing happens to the Bitcoin in the future and we see it on the rise again. The only thing that is happening now that should give the whole crypto community concern is that the whales are using the panic sellers to accumulate even more bitcoins and that's a pretty much gg for all small to mid players on the market.
Believe it or not, that is exactly how markets have always worked. Wealth distribution at it's finest.
Nice job @bateman!
Great that you also shed light on the fundamentals.
Keep going dude dont even think about not continuing this format.
"Once news stories like this hit for Bitcoin, start loading up." 😂🤣
Followed! Keep this stuff coming