Hello, Steemit! In this video, I share the current market conditions for the market as a whole, and also for the situation with on-going and upcoming ICO's such as EOS and Tezos. Enjoy!
Follow me on Steemit: https://steemit.com/@crypto-investor
STEEMWARS beginning July 1, 2017
Live in the USA, but recruited by Australia
Really good technical analysis of Bitcoin. This pullback is healthy and much needed for future gains. One thing I've been wondering is, when will Steem and other altcoins gain their own identity? I understand the crypto market is kind of seen as a whole right now, but I know in the future this will change. I'd love to get your take on this Ted. Great video as always!
When this stuff gets out to the masses it will. EOS tech will help that in the end. What mass user adoption requires is pretty much what Steemit has going here, except faster and easier.
The main issue is basically the bridges between US fiat and crypto are sucky bridges. Credit cards can reverse within 30 days, so buying crypto doesn't work unless funds are frozen. Requires technical knowledge and linking of bank accounts. EOS achieves the concept of crypto apps without people needing to do KYC banking stuff.... but here is the thing, even if it doesn't require it, if people are going to go in that direction in the end, they will have to do KYC.
And that's the hiccup in crypto preventing mass adoption. Steemit / EOS should do a lot, but even then, to get people fully onboard, the KYC issue needs to be resolved. And the best way to solve it is to get banks on-board with crypto... so actually something like Ripple might be the gateway for the banks to adopt.
Imagine if at your local bank, they could issue you the top 3 or 5 cryptos, as a non-refundable purchase once you have validated yourself with them, such as having an account with them?
Mass adoption could happen then. Also, before mass adoption, we need the universal key system so no user has to keep private and public key data. Average user isn't complex enough for that stuff. Really, sending funds is almost such a pitfall of crypto, in the future average people may outsource that activity to banks themselves.
Seems odd because crypto was supposed to do away with banks. The thing is, for it to do away with banks, you have to be able to be a techy, store keys, keep software updated and secure, ect. ect. Imagine how that would work for people who suck with computers? They'd rather have someone deal with it for them. So even in a fully cryptocurrency world, you would still have banks as a customer service and convenience location. And we see that now in crypto, there are places you can go to exchange bitcoin, there are bitcoin ATM's. Imagine if coinbase started opening branch offices for people to show up to do crypto transactions!
We're on our way back up, no fear!
I wouldn't anticipate today's rally to be part of a bull-run to new highs. Rather, it is more likely a sideways or slightly down whipsaw action. In bear markets there are plenty of peaks higher, just the runs down go farther than the runs up. Very often, people are hopeful on those little bounces upward thinking the declines are over with. That said, I don't think this is a bear market, just a slower consolidation move in the midst of a long-term bull market.
Three types of consolidation and the mood observations that accompany them:
Fast Consolidation - Fast crash, fast recovery to new highs, often forming a V shape. When it crashes to abrupt lows from a very recent high, you see immediate capitulation in the market. People boohoo the thing that was great two weeks prior. It's crashing, the bubble has popped, "it's over!" Due to all the sellers capitulation in a drastic sell move, often about 50% of the value of the coin from the high, these are opportune moments to buy, and catch size able gains. They also seem like the dumbest time to invest in something, which is what makes them such a great time to invest. (See Dash movements in video.)
Slower Consolidation - Often forms a sideways movement, as prices bounce up and down within that range. The onset of this period, people expect an immediate bullish recovery and continuation of the bull-market move which they have previously experienced. As their hopes are dashed, we may see several dips to a lower support level. In other situations, buyers create a shelf of support at a certain price level which is not violated and the market becomes 'boring', just going sideways, neither up much or down much. When either the capitulation of an anticipated crash or the capitulation of boringness ensues (low volume), this marks the end of the consolidation move. (See Steem chart, spikes higher, without great crashes following, but shelf-like consolidation sideways.)
Full Crash, Long Recovery - Bitcoin circa 2013 to 2015... Bitcoins crash during this period of time marked a crash into a boring sideways move that lasted a considerable amount of time. After the panic left the market, we saw sideways action as the market did a whole lot of nothing.
Fantastic comment @crypto-investor
I agree 100 percent. And I think that some price consolidation is healthy right now. The type of exponential growth we were seeing in the crypto markets, especially in the last couple months, was just flat out unsustainable.
I've been in crypto for the better part of six months . . not long, compared to many others, but long enough to know when I see correction and consolidation. The attempt at washing out the weak hands. And then, wouldn't you know it, many coins bounced right off the 50 percent retracement, like clockwork.
Thanks for your insightful analysis, definately following for more interesting updates!
Pullback was necessary and healthy now we can continue that delicious growth and go towards mainstream adoption..
Our investments will make us very happy in a while... ;)
Great video Ted, informative and enjoyable. Upvoted and resteemed mate - planning to post about the STEEM WARS judges tonight - approx 8-9 hours time. SK.
Thanks, @sirknight look forward to hearing about it.
Very nice video! Good that i'm stunned by how easy it is to buy into EOS!
I like videos of people explaining crypto, I'm learning so i listen to everything and analyze what I've heard, so I upvoted and resteemed this because it's very helpful.
Also I have been hearing a lot of EOS,
Will be looking for the next update.
I am following. Saw your very sophisticated profile on sirknight's latest post. How about a resteem for you. Cheers.
Im low on data so unfortunately cant watch the vid. But kick ass footer there ;) ;)
Just half an hour later and the market cap is at 98+ Billion, oops just slid to 97+. It was all green just a moment ago. The slide is a little more persistent this time. Hoping for a quick bounce back but as you know, "man proposes and God disposes."
This was really helpful thanks😆
Please follow back.
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