The air came out of the balloon and we pancaked right from the moment HF-20 kicked all the small Steemians in the nuts. In the immediate cycle I don't have a feel for what HF-20 will do to the price of steem going forward nor is the market giving us an indication.
Market internals indicates momentum is dead. Marketing lesson: if you change the rules (HF-20) people stop buying your tokens because they don't know what it will mean going forward. Markets hate uncertainty.
The fact that exchange wallets are still limited doesn’t help either so let’s see what happens this coming week as traders come back and wallets potentially come back online.