RE: Steem / BTC, Poloniex : Potential Cypher Pattern [Hourly Chart]
I think the 0.16.0 release is such a big shift in the economics of this currency that it pretty much renders most technical analysis based on previous price action redundant.
The price could go up significantly, due to the dramatic reduction in inflation. The price could tank due to the reduced SP holding period. Or there could be a standoff.
My inclination is to believe that the marketcap for Steem is still on the low side given it's potential, and the amount of dev and community engagement.
IMO there would need to be pretty bearish news for Steem to hit 15k sat. Even when Steem was hyper-inflationary selling looked to be bottoming out at around 12-15k.
No doubt there will be opportunities to short, however I'd be inclined to accumulate at these prices and only sell small on the price spikes (with a view of bringing down the price average).
First of all, I want to thank you for the upvote. I have been waiting for a while for it.
Yeah! This is a pretty big release changing the steemit economic architecture may result in a huge pump of STEEM value but there will be high liquidity in steem market, initially maybe in downtrend but that's where new whales will come in and give it a boost. For now we can't say for sure, how much value will steem gain? but there is going to be a huge competition between buyers and sellers.
I believe you have a valid pattern here.
YEP!