STEEM DOLLAR (SBD) Target $31.45
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SUMMARY
If you're getting paid out on Steemit.com blogs; select the 50/50 payout and hold your SteemDollars. My target per below is $31.45
The chart is showing completed impulse waves and the a,b,c also completed. Now, a new setup of impulse is starting so blue 1 and 2 are done that leaves blue 3,4,5 towards $31.45!!
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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Legal Mumbo Jumbo: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**
there is no reason to pay so much for SBD
I can't imagine who is buying it, but the great thing for Steemians is that we can earn it by just having fun and networking on this platform. Free SBD in my eyes, so whoever is buying it, are likely not Steemians and don't grasp that they can earn it for significantly cheaper.
I did....because in 3....2.....1.....it's about to blow again..... As Haejin points out the counts, I'd like to show you what the fractals play out that fall right in line with the counts....
Scarlet, are the 'potential' timelines on Haejin's potential pathways pretty real time?
eg: On this SBD chart his count says within a few days we might see this SBD jump.
Obviously no one can see the future (except Haejin lol), but do we take the days in the future as a realistic timeline potential or do we space it out over a wider time frame?
is $31.45 by the 15th a realistic possibility or would you change that to like 7 days or a month (and if so, why?). Hope this question makes sense. Like is the projected pathway of $31 just looking like it's within a few days because he has no more room for the wave to go?
Thanks again for all your input Scarlet. Reading your comments is priceless!
I'll reference you to his own answer to that: https://steemit.com/bitcoin/@haejin/essay-why-is-time-projection-so-difficult-for-technical-analysts
Time is neither Linear nor two dimensional....
And thank you!
thanks for the link. I've been HODLing for a while now just eager to see this baby breakout again. I will just remain patient :D
Thanks again!
Take some profits on the highs....30-50%. Then keep some in case it rides higher after your first profit taking.
is it just me or did SBD break out below the right triangle on 'e'? That's not a good sign is it? gulp.
edit: the daily low was down to $9 but I actually think that was the 'bottom' before this breakout.
I agree. It was indeed too good to be true.
From now on price of SBD is became indicator of stupid money on the market. At least for me.
I love making stupid money! Stupid stupid amounts of money!
Can't see this one happening. It's designed to be pegged to USD. It will be fascinating to watch what happens. Is this the ultimate battle between fundamentals and tech trading?
Would be crazy tech!!
I'm holding my breath! Fascinated. I was always believer in fundamentals...
It was meant to be pegged to USD and life made some corrections - now STEEM is the one that is following SBD.
Hahaha - yes, lets see how this plays out...
Crazier things have happened in crypto!
Did you ever think SBD would hit 10,12,18 dollars while STEEM stayed at 1.50?
I posted this two days ago....having to do with the fractals above...and we had another burst:
Intrigued and followed
It's happening again.....
Madness! I tell ya!
Insane!
Best thing about this SBD pump is that Steem will rise with it!
Interesting, I though there was some mechanism to keep it pegged to 1 dollar worth of steem. I have no clue how that mechanism, which is clearly not working at the moment is suppose to work though. I must look into it.
OK so for anyone that might be interested, I had a chance to look into this and the answer would seem relevant to haejins predictions for steem and sbd.
As far as I understand it the quantity of SBD created in any given day is related to the price of the steem token. So as the price steem rises the inflation rate of SBD also rises, in theory that should put downward pressure on the price of SBD, essentially devaluing it in the same was as the Fed issuing USD devalues that.
Of course downward pressure does not necessarily mean the price will actually drop, so this does seem lend some credence to haejins hypothesis that SBD price may be a leading indicator of a steem price movement.
I still don't understand why steam dollars is worth more than steam. Totally blows my mind. I thought it was suppose to pegged to dollar. Oh well lol
I am surprised as well.
actually Steem dollars can be redeemed to 1 dollar worth of Steem, making an arbitrage profitable for SBD bought for a lesser price on an the market, to convert to Steem, then repeat.
but it seems there is no way to do the reverse. ( by example converting Steem to receive sbd at a rate of 1sbd=1usd even though they could be sold for more on the market or exchanges )
So is it an anomaly, or will events justify this forecast (new utility for Steem dollars, reintroduction of interest on SBD holding... ?)
Supply and demand. SBD can be bought on Bittrex, Poloniex(in theory), and Blocktrade.us. It's on Coinmarketcap and people see the percentage gains every day. Our low supply in circulation has a lot to do with it too. Only 3.6 million compared to Bitcoin's 16.7 million. You're not seeing the same price action with Steem because there are 246.3 million Steem tokens in circulation. The volume has to be there to move Steem more than SBD because there's a lot more Steem to move.
It is kind of topsy turvy. What I hope happens is people realize they can use that SBD to reinvest into Steem. This should drive the price of Steem up too. I don't think we'll see SBD trading around $30+ and Steem is still under $10. I think they'll both be linked and will rise together, I just think SBD does it quicker because of the previously-mentioned reasons.
One does wonder what this means for the entire concept of being pegged to the dollar. I think there are benefits this could bring to content creators and authors on the platform. Any rise in SBD makes posting much more valuable. That only helps Steemit IMHO. It's important to remember that SBD is part of an ecosystem that is not static. They were meant to be a place to hold your money if Steem were too volatile. Being pegged to the dollar gives it some appeal.
In a low volatility market, if it's low, SBD can be great to hold due to the 10% return you get on the balance. However, when it's above $1, the interest is disabled. So they created SBD anticipating what it's currently doing.
None of those factors are considered when projecting the price pathway.....it is 100% purely based on price action. Market Cap, circulation, etc honestly have nothing to do with it's trade price, despite popular opinion. This has been proven over and over and over in this blog with coins that were never supposed to be able to get above a certain amount, or because the coin has a huge daily inflation (EOS)......believe it or not, it just doesn't drive the market, sentiment does....and that's what we're measuring here.
I believe that 1$ pegging applies to steemit only. If you withdraw 1 SBD from your Steemit account only 1 USD is removed from your balance. So it's only 1$ on steemit and it can be any amount outside of it.
Right....best to sell it at market value.
I'd like to see the links to this information if you know where they are. I'm not saying you're wrong, as I know it's deeper than simple supply and demand. I have a hard time wrapping my head around the concept that it plays no role at all. I don't think all movement is purely technical, but I'm open to competing ideas.
I will be completely candid about this. It is a very hard concept to get the human mind to bind to, and absolutely there are many many people who wholeheartedly disagree with pure Technical Analysis.
As humans, we NEED to attach meaning to everything to make sense of the environment around us, and we NEED to have a cause and effect, if for nothing other than to keep us sane in many cases.
Ohhh man....this could get pretty long and deep....let's start here...this is an essay that Haejin, the author of this blog, wrote a while back that explains much of what I would be getting at here: https://steemit.com/bitcoin/@haejin/essay-is-technical-analysis-a-quantum-event
I personally would love to discuss it with you, but I am about to leave work at this moment. Do you have Telegram? This is more of a conversation than just a statement. Check your wallet.
Are you on Discord?
Interesting viewpoint.
OMG!