STEEM - The drop should continue

in #steem7 years ago

Hello all,

Here was the chart of yesterday :

STEEMUSD.jpg

Here is the current chart :

STEEMUSD.jpg

As I expect the continuation of the drop on the BITCOIN, I expect also from the STEEM to continue its correction and go test the support line in orange. We still have a little support lower than this line with the previous low around 2.65$ but if we break that last support, we could quickly go back in the 1$ level...

I wish you massive profits,
Cryptopassion.io

Disclaimer : Never invest more than what you can afford to lose. This post is my personal opinion, do your own research before making any investment decisions. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.

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STEEM will not drop below $2 unless BTC drops below $6000. There is nothing going on with STEEM. It is just following BTC and overall altcoin trend which is BTC's downtrend and altcoins following more vigor (more downtrend). It could change to any forms: BTC downtrend & alts stable, BTC uptrend & alt stable, BTC uptrend & alts uptrend. Nobody knows until it changes direction on some news that trader decide they will pick a trend. Current trend is probably due to BTC's low fees that subverts demand for alts. And, BTC is just moving sideways.

There is no need for cryptos to go down to early 2017 levels, but it may happen... so we have to consider it. Crypto may be done as a major get-rich-quick investment, for good.

Business insiders have opined that in their opinion, the crypto market has been successfully defused. Dumb money (millions of inexperienced little investors, most smartphone users from third world countries) have learned that it's not them who are making the market, it's them who pay.
With charts going down or sideways very frequently, that is two thirds of the time, little investors are bound to lose, so their interest is waning.

They are now mass-withdrawing from the market, understanding that "get rich quick" is no longer an option.
Skyrocketing cryptos will be a rare high-risk exception, and only insiders to a pump can profit of them.
Therefore, little investors will be either sending their money back to their bank accounts, where it can have real-life use, or trying to play the forex markets.

Crypto, from now on, will be in the hands of the very people it was designed to ward off : the money industry.
If you watch the crypto charts with hindsight these days, you cannot overlook that the regular, mechanical action there is mostly being caused by the market makers' trading bots, with occasional pumps and dumps to shoot off stop losses and sell orders of the remaining, clueless human operators.

Deal with it or keep waiting for a rare breakout, listening to the massive steemit prophets.
@cryptopassion fortunately isn't one of them..

I bought my steem about 1 usd...do you think it will ever drop to that price again?...i would definitely buy some more at 1 usd :)))

never this will drop to 1$ after the feb u can see the price of steem will 5$ or near

I don't think it will go down as low as $1 again, because so many of us would buy more before it got there. Steem is different to most coins because powering up locks us in. I hope that means it wont fall as low as many other coins might do.

Man this bear market is getting scary.

I'm not concerned about the drop in Steem price. Bitcoin is falling at the moment and we don't yet know how low it will go. I hope the fall will end when those that aren't comfortable holding it give up and go back to fiat. That will just leave the rest of us, that will hold whatever the price. That should be the moment the bear trend ends and the price starts going up again. I'm sure Steem will bounce as well.

I just hope that SBD doesn’t drop by as much as Steem so I can cut over my SBD at better rates.

The price WILL go up, in my opinion. Cryptocurrency are the future, people are still getting around the idea and most don't really understand what cryptocurrency is or how it works, including officials. In the long run, the prices wi soar high tho.

Steem will see ATH by the end of the year-bullish

Seems like people will have to decide whether they think this will be a good time to buy in (assuming the price will rise in the long term) versus dropping out completely (assuming this will mark the end of a bubble). What's your viewpoint on this?

I hope it goes back up but I think it will be a while before we see it return to previous highs we have seen

Do you think it’s to late to short?

From the support lines he drew, looks like there could be downside to 2.80.

What exchange are you using to short?

I’m actually not using one yet. I’ve just been using coin square to trade into cad funds.

Do you recommend an exchange?

Most exchanges don't allow you to short. I personally have no interest on shorting cryptos. I've heard poloniex allows you to short though.

$2.65 is an amazing price, I can´t see us go to $1 even knowing that the analysis says that is a possibility, our platform is just too strong for that to happen, and BTC price won´t dip below 6K, so I think we are fine.

Time to load some more money into cryptocurrencies before we take off to the moon.

this ia truly an informative post ive been using bittrex to trade, i am just new on using binance, should definitely try it there. Have you ever withdraw steem from binance? how much do you think is the minimum of steem if i want to cash it out ? hope to hear from you @cryptopassion

a very good post I like your blog ...
seven-year-old-boy-with-beautiful-teeth-300x300.jpg I am waiting for your next post ....

this is amazing price brother

@cryptopassion.Thanks for this timely information.It is left to investor to make responsible decision on when to invest in any crypto for now.It obvious that there is a slide in the price of Bitcoin and when Bitcoin declines,it affects other crypto.I think any wise investor should wait and watch the way things goes now before buying.

Never invest more than what you can afford to lose<< I like this principle is necessary as a good basis of economy

Thanks for sharing this posting of great magnitude.

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UpVoted and followed. best regards


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The drop in steem is not really encouraging for nubs like me. Thanks for the prayers though.

The double bottom you're exposing is way more dangerous than you think.
I don't think that area will hold if tested again. Just my humble opinion.

I thought Btc & steem are not longer come related 🤔

Thats why all my upvotes always drop down, do you think this Steem will going worse?

brace for impact!