Though I have made a few sick calls within my inner circles I'm gonna do the douchey move and go with a public claim in a "Hey look at me moment"
Hopefully this will be the time I am wrong since I am putting it out there....cause I really want to be wrong on this!
Steem will hit 80 cents before it see $1.50 again
Yup, that is the call I am making.
But rather than it just be some douchey loud mouth throwing out random calls let's actually see why I believe this will occur:
1.) It's gonna be a round trip baby!
Looking at the daily chart above we see two important things:
- The next real level of support is the basing at 80 cents back in late 2017
- That level marks where the parabolic move began late last year
I honestly thought the $1.50 level gave us the round trip move since that was the breakout price when the mania speculation began. Apparently, price action looks like it wants to go all the way back home!
It's about to be like the past year never even happened LOL ;-)
2.) The Bitcoin Bear is Alive and Well
After getting a what has not just become a relief rally bitcoin has puked back all the July gains and on a technical view the next downside target is the prior low around $6,250 which is just a few points from the 2018 low.
- Chances of Steem going higher with BTC lower are low
Now - I'm actually a bit annoyed by this price action because BTC already did a full round trip by touching prices pre-2017 parabolic breakout.
Maybe it needs to re-visit it one more time to create a solid bottom. I don't but I'm hoping I am wrong and this thing rallies. We need a catalyst. Maybe bitcoin ETF green light in Sept or Oct, who knows.
3.) Past three years crypto market was sideways to lower in September
The good news is that we saw good rallies in Q4 (Oct-Dec) the past three years. So basically, we need to wait for the crypto bear to hibernate for the winter.
The bad news is that is still a couple months away. Ouchie!
Hoping I am wrong about all this!
...and now we sit and wait.
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Disclaimer: All info in this post is my opinion and for informational purposes only
Free e-book: ScaredyCatGuide to Knowing What the Heck Bitcoin Is
Disclaimer: All info in this post is my opinion and for informational purposes only
This is why the ETF will fail over and over. Because big whales ARE manipulating bitcoin. The whole market is corrupt.
I really should put my money back into dividends. Crypto's for chumps
Holding different cryptos is hardly diversifying if they all move together.
This whole thing is going to start looking very different as each project's price starts to move independently. Maybe bitcoin needs to die for that to happen.
Yeah! I have discussed diversification on my radio show and in posts. If one is invested in correlated investments it does not matter how many you hold....you will not have diversified away your risk by more than 20 percent!
Need uncorrelated investments. Cryptos are probably more correlated than any other investment out there right now.
I'm wondering if Steem monster cards might prove to be a better hedge against STEEM volatility than SBDs have been. The cards and packs are all priced in USD.
Would not surprise me if you're right, and I would expect much of it to be a sympathy move with Bitcoin... we'll probably see some closes under $6,000 soon.
Every heard of something called the "Hippie Dip?" It's usually attributed to Burning Man, but every August and September, millions of Baby Boomers (and younger) go to music and arts festivals. Which typically is big business... and can easily cost you $3K per festival, with prep, tickets, airfare and supplies. Now figure 80,000 people going to Burning man times needing $3K cash each... and multiply by hundreds of festivals... people selling assets to raise cash... hence summer months often suck for markets, especially in "fringe" investments.
Makes a lot of sense!
seems far fetched to me
That will be great,... we expect new investor on steem blockchain. However, they're not here for long, they just want to have some profit.
I like the call on Steem going to $0.80...the last time I looked at Steem, many, many weeks ago, my bottom was $0.60. If we get that low, I will have to buy more.
Well, it's not outside the realm of possibility so this is why dollar cost averaging is super important. I always buy just a small amount to add to my positions just in case the price continues to fall I can always buy more later.
Sorry for being selfish but never saw STEEM at those levels so I have been ready for a reaction if this does happen. I think a huge wipeout is needed for the market in general; with that capitulation, a bottom could be established. It will be scary though...
It is the volatility of the crypto world and is part of the game, I am very optimist in the future of Steemit.
Sounds like my type of call. I really hope 80 cents is the bottom.
Two key words I came away with this depressing post....Douchey and Puked. I do believe you are right, Steem looks to go lower before it will climb.