Hello Steemians! BTC just broke near term support at 7200. Let's have a look at the chart.
As of this writing BTC is trading at 6838.0. It broke the 7200 support convincingly on high volume on late hours of March 29. With the Easter weekend, volume will likely be low in the next couple of days. With that I expect prices to creep towards 6000 level, which is the spike low of Feb 06. I have no idea if that low will hold or not, but I do expect a few players to put buy orders at that level.
Let's take a look at STEEM daily chart.
Okay we have arrived at the 1.4 low. Actually the spike low is 1.339, but for all practical purposed let's settle on 1.4. Never said that this is an exact science :)
As of this writing, we are printing 1.36 on Poloniex, which is one of the lower quotes. So we are holding this level by fingernails, literally. STEEM is oversold, but that doesn't matter in a downtrend. We can remain oversold for days/months. If this level doesn't hold, then this thing is likely head toward sub $1 level for sure. Unfortunately, that is not a good news for the platform.
Disclaimer: This is NOT professional advice, this is all just my own opinion and experience. I am NOT a Certified Financial Adviser. Consult professionals for any financial, accounting or legal related questions you have.
I think long term Steem will retest previous highs :) just have to wait this out!
I hope people continue to use the platform for the love of posting what they are passionate about and they don't get caught up in the dollar signs! It will turn around :)
That is certainly possible. I like you positivity. But as the rewards dwindle, I say people will slowly get discouraged to post.
BTC broke means heart broke, many people like me who expecting good feel down to see btc down.
Sounds quite alarming @azircon. But just like the definition of this world as change, then it will eventually in time raise and go back to its desirable value.
Below 6000 pls^^
Very soon it will reach a value desired by all, although it is still alarming the losses that it has been having in these last days, greetings from Venezuela!!!
Man, this is getting scary do you think this is game over for bitcoin? Or maybe this could be this biggest dip only because it did get media attention and now it's in the dust with no more hype.
Dips of this magnitude have happened a few times in the past. After each historical drop, the market seems to hibernate as a consensus needs to re-develop as to what the price should be. At the moment, way too many people have been burned and a negative network effect is likely to ensue as stories of people losing thousands hit the airwaves. Regardless, this is not to say that crypto will not rally again. I think it just needs months, if not years, for the technology to develop to a commercial standard and interest to pickup again.