Bitcoin has continued to take a beating on Friday after a whopping down-day Thursday and more of the same earlier in the week. We're coming up on a major trend-line at Bitfinex, but the chart really isn't looking too crash hot (excuse the pun):
Initial support is the trend-line/wedge bottom around 6600, with a breach of there targeting the 2018 low at 6000 square. One can only hope that a double bottom forms there or we are in for a whole lot more pain, with $5000 being the next point of interest for me.
On the bright side, the trend-line does still hold for now and we are approaching not only end-of-month, but end of quarter - this is when the big boys come out to play. Major reversals often occur on the last or first days of months and quarters as big institutional investors make portfolio adjustments for the coming period.
Fingers crossed for some of that - my income from posting on Steem is down literally 96% from the Christmas peak :|
Yes let it bounce! bull markets are way more fun! But at least Bitcoin had its time to roll out Lightning and exchanges are way more efficient now after implementing Segwit and batching. Also the air is mostly out of the alt bubble, this was really worrying me. Perfect ground for a huge uptrend to come. Can come tomorrow or next year, but it will come and eclips all the other runs.
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Nice TA, hopefully its just a temporary breach, and a bounce comes soon. Followed you since I just did a Bitcoin TA update as well!
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Sweet dude will check it out :)
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I know guys who used to say HODL who've lost 75% of their wealth in a few months ... this the sort of price action that makes you realise successful trading and investing is more complex than a 4 letter word.
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Yeah steem needs a lift too..
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Yep on the brightside: it's literally just tracking market cap, so when the market comes back, STEEM should too :)
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Very interesting friends
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I hope things get better soon so I can jump in the shallow end of the pool. Is this a great time to buy steem or should I keep my $ and sbd's? Great post @bulleth
Joy
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Hi Joy, the SBD peg is currently broken so holding SBD is just as risky as holding STEEM. As for buying Steem right now with crypto, the general consensus is waiting for a buy signal is a lot safer than trying to catch a falling knife. On other hand, if you're thinking long term and you're investing (rather than trading) there is arguably a lot of value in STEEM down here.
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Thanks. I've heard people like @davemccoy say in a post he wants steem to go down to 50 cents...ikd. Thanks for the info. Yes. Yes indeed I am an investor in steem coins. Lol. Feels great!
Joy
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Hi Joy, I checked out Dave's blog - he's mistaken about the inflation economics of the platform - there's no SP bonus from a falling STEEM price. All that happens is you get less SBD to buy STEEM with :(
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Did you let him know? Cuz I'm not gonna tell him. Lol. He's on a roll and I couldn't explain it.
Thanks for the truth @bulleth. It always helps. :)
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Sure did, no response though :)
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That's all he does is research steemit and be involved with steemit. I'm sure he took note of it. :)
Joy
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Everyone's talking about the "death cross"
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Yep, keep hearing it ... could well be a contrarian signal. Funny I never heard the term as an FX trader - guess it's an equities thing? I rarely use indicators anymore - just price, trend-lines and zones.
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I wouldn't know if it's a thing in equities but the term has definitely been bandied about, yeah, like a contrarian signal. Death-cross notwithstanding Jesus was resurrected and the longterm 100-day MA they're using for the death-cross signal is I think not long enough.
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Congrats - you got flagged :)
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