STEEM - Support line tested and broken... :(
Hello all,
As I said you yesterday, we went directly to the support line in red :
I will be honest with you, I was not expecting that we will break directly our support line in red. We tested it during some hours but we can see now that we already broke it.
It is really not a good news for the STEEM because the next support line is now around 2.85$. However, we still have also the possibility to see the STEEM going back up of that line and creates what we call a bullish wick. Let's see what will happen in the coming hours.
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 almost always shadows Bitcoin and Bitcoin shadows the Stockmarket which is the worlds main source of investment capital, so it's follow the Leader
I think you'll find that Bitcoin has outperformed the stock market many times over.
It is going to be interesting to see how a declining stock market plays out in that relationship. People talk of Bitcoin being a store of value. For that to be the case it would need to be resilient, price wise, in the face of declining legacy markets.
well now that they milked the cow until it can't walk anymore, but then leave it alone and it always recuperates and comes back even stronger. 2017 was a transformation year for most crypto-currencies. For the first time since their conception they achieved world wide recognition as form of monetary storage and is now widely accepted almost everywhere even thought it is still relatively unknown to the 40 and over generation, and still looked upon with a critical eye of disbelief in some cases. I think 2018 will be a block buster just wait an see :)
I wonder how dependent Steem's price is on Bitcoin price movement?
I personally think even if we're going down in the short term, we appear to be finishing a market cycle. So long term, I expect us to break past previous all time highs.
No need to wonder. If BTC is going down, STEEM will too. There is no speculation and no science about it. It's a simple fact. I can only repeat, that as long as there is a dependency on BTC, all TA of altcoins is - let's say it politely - "not real fortunetelling" 😉
I agree !!! Thats the rule....
That is so right. We depend on BTC
Never invest more than what you can afford to lose. GOLDEN RULE.
This past few weeks have being really tough for the steem currency even though the bitcoin is on the up and recovering gradually. I hope the status quo changed pretty soon so as not to destabilize investors confidence in the steem platform
I know we are all eager to see a bull run like the one we saw at the end of 2017, but the truth is that we are still in a bear market, until the bearish trend is broken.
One day steem coin will raise like bitcoin, we are all steem user will hope it's will very soon because steem coin was rising so quickly.
you are right friend each one of us are responsible for our decisions, we must be clear about the investments we make and because we are going to make it, in life everything has a risk it is courageous to assume it. Hopefully the recovery of Steem and the rest of the cryptomonedas
thanks for the information.
How do you come up with support lines? Is there anyway to predict confidence in them?
Thanks for the analysis, and I think you U.N are right because presently the price of Steemit is coming down gradually I hope the price will rise soonest.