Been a long time since I did an analysis of the steem price chart. However, a loyal reader and fellow steemian @chrisrice put in a request and I am happy to oblige.
The More Things Change The More They Stay the Same
If you look at the top of the post you will see a zoomed out view of the daily price chart for steem. The good news is the price action and levels are rather obvious even to the naked eye once the support/resistance lines are laid out as in that chart.
So here's the thing. We can see long-term price levels when looking at that chart. We can see how they have come into play and to be honest how all of them have been reached with the exception of the level roughly around 10 cents.
At this point, can we expect price to make a full round trip? As in go all the way back to the low it start its prior upward journey from?
Looking at this price action is sort of feels like a self-fulling prophecy.
I say this even with all the good thing going on with steem right now. I think there are some many projects and initiatives (steemleo, splinterlands, etc.) that are pro steem value. However, it takes time for these things to have an impact on the actual demand for and price of steem.
Crypto Market is Weak
The entire crypto market is weak right now to boot. Steem is at 12 cents while a write this. 10 cents is just a mere move away.
Daily chart zoomed in makes it more clear
I'm fine with it hitting ten cents. My worry is that won't be the bottom. That support area goes into the 9 cent area, but if we go sub 9 cents then the only downside target left is the all time low around 5-6 cents.
So basically I'm rooting for us to test 10 cents and create a bottom there, again.
Then we can focus on upside targets - which would start with this 16 cent area that is now our last little consolidation area before trying to make a run at 20 cents.
Interesting times in steem price action for sure!
looks like this:
:)
Yeah, for real.
Let's drink some !BEER in the meantime, good post!
Yeah buddy!
I not know what more to say... soon we see what happen.
View or trade
BEERat steem-engine.Hey @scaredycatguide, here is a bit
BEERfor you. Enjoy it!I wonder what the price of BTC and what was the total Market Cap the last time Steem was at $0.10.
Just a guess, but I think Steem has lost a lot of ground relatively speaking.
Another interesting thing would be what was the state of Steem the last time it was at $0.10. I'm sure Splinterlands and Tribes weren't around. Where there other options like steempeak or esteem even out yet?
It would be an interesting follow up post comparing the current environment to when Steem was at $0.10 as now.
I like it! None of those things were out last time. That is what is so crazy and maybe disconcerting. Steem in indeed has lost a lot of ground.
Half of me wants to go out and buy some STEEM so that my vote is worth 2¢ again.
The other half of me wants to go out and buy any of the major cryptos during this dip.
The STEEM would pay out only if i get my butt writing every day.
The major cryptos will see higher percentage gains, and i could buy even more STEEM, even when it gets to $2.00
But! What is really the best move is to find something to "sell" for cryptos.
Starting an online store where you sell things for bitcoin, litecoin or STEEM will be a big move right now. Getting the thing worked out by the time the big rush to cryptos happen.
That last sentence is true indeed!
A low period for steem.. and cryptos ... Hope we stay above 10 cents.... :-)