The Market Move I Predicted, But Didn't Want To See
Yesterday, I wrote about an imminent move of the market, didn't know about the direction, though, up or down.
Fortunately, the move happened, marking the end of a very low volatility period.
Unfortunately, it happened in the "wrong" direction: down. I put quotes around "wrong" because, as you know, I do believe markets are always right.
So, in a sudden move that rippled panic around the trading spectrum, Bitcoin lost more than 10% in a couple of hours, trading now around $5,700.
The most common scenario seems to be about the Bitcoin futures expiration, which pushed the price down. But nobody really knows for sure what happened. Fact is we're trading now at the lowest level of the year, a level equal to that of October 2017.
And just when I thought there wasn't any other chart more interesting than Bitcoin's, I happened to look at STEEM. And, to my surprise, I observed that STEEM is behaving rather strange:
Although it did have a panic moment too, following Bitcoin's fall, it recovered surprisingly fast, trading almost at the same level, in Bitcoin, as before the crash. In USD, it obviously lost some value, but against BTC, STEEM looks surprisngly resilient. That could mean any of the following (or all at once):
- STEEM looks extremely appealing under 10k satoshis, so traders have bots to automatically buy everything below this level
- some crypto whales are hedging Bitcoin with STEEM, meaning they are moving their money from a free falling Bitcoin to STEEM
- a huge STEEM whale (or a few huge STEEM whales, together) is pumping STEEM, trying to create a divergence in the market
The last month of this year will be very, very interesting.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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I know the feeling. That's why I created steem.supply, an easy to use and accurate tool for calculating your Steemit rewards |
You are right about Steem mate its just a matter of time when steem becomes independent from btc.
Posted using Partiko Android
SO sad to see the market like that
it's like a poop party
Buy! Buy! Buy!
it could be worse, we could own emerging markets stocks... or u.s. stocks (-:
It looks as we are finally reaching a capitulation after the months of sideways market...lets see if now comes the uptrend
Good observation...really interesting what is happening with Steem, for sure.
Posted using Partiko iOS
I recently posted something about how the weekly chart looks like to our previous price explosion and now we would have been in the longest accumulation period ever :P
Hopefully the Steem whale scenario. I have the most faith in Steem whales to support Steem.
Yeah, now is the time to get in and/ or cost dollar average to make up for any highs you might have bought into during the first part of the year.
The new low of 2018 for bitcoin correction after correction hopefully the bear mode will rest now
not so fast.