As you probably noticed already, we faced the worst week ever in Bitcoin history.
BTC dropped a whopping 59% (from 9200 to 3800) within just 6 days in March 2020.
My initial reaction was "Wow, what a great buying opportunity."
The problem is, that I know how low the probability is, that this is a second wave 2 correction (third pic). Yes, a wave 2 can retrace 99.99% and still be valid, but the probability of it being a wave 2 after crossing the 88% retracement is only 5%.
So I have to favor the more bearish count over the two bullish ones. The bearish one expects BTC to drop to 1000$ or close to that.
Here are the 3 most probable alternates:
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Is there a chance that BTC has already seen the low and is now preparing the stairway to heaven (new ATH)? Yes absolutely, but the probability from an Elliott Wave perspective is not good enough for me to buy more right now.
This will only change if we see a clear impulse wave up now.
I will never sell my BTC at a loss. Either the money is gone, or I win. I am fine with whatever happens to BTC next.
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If you think this to be useful information:
Feel free to use and share my charts, but please mention me, @ew-and-patterns as the author. Otherwise it is considered plagiarism and I will flag you and advise my friends to do the same.
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Please consider leaving a comment, like or resteem, if this post entertained you or helped you see things differently...
Have a nice day :-)
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yes, all or nothing- not selling at any loss- keep or die is the only way, but i think it will not die, maybe more lower, as soon some more problems comes in the crisis with corona, but it will not die. We will be happy later that we keep it and even buy now more
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Congratulations @ew-and-patterns! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Vote for @Steemitboard as a witness to get one more award and increased upvotes!
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I see Steem a 3 cents and possibly below that.
We will then see a big bounce, or if not, Steem will be dead. If the community moves to a new chain, it's a dead coin anyway.
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I believe that if Bitcoin tanks, Steem will see massive bloodshed, too.
STEEM may die as a speculative shitcoin just like Bitcoin is, to be honest. But I don't think it will die as a utility coin. As long as the chain runs, there will be some demand for it. The content on Steem created by its users is what ultimately makes it valuable, not some despicable speculative negative sum game like the entire crypto market in the last ten years. What makes it valuable to create content on Steem is the freedom from censorship. You should try using Quora, for instance. Nasty censorship on a daily basis. It's bullshit. I will always continue to post to Steem regardless of the monetary value of the rewards, at least by cross posting from elsewhere. Why would people stop using Steem just because it doesn't pay? Billions of people use social media every day without getting paid at all. The very concept is completely alien to the vast majority of people.
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If STEEM drops below 1 cent, it will be unprofitable to maintain a witness node even for justin. That's -50$*20 per month unpaid costs for witness servers . Of course he can easily run those for 50 years, but as a business man don't you think he would likely look for something more profitable?
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If Justin bolts because STEEM goes below 1 cent, it will be only good for the ecosystem. Getting rid of Justin under any circumstances would be a cause for celebration.
According to @aggroed, running a full node costs $20 a month after MIRA was implemented. That's a like cable subscription.
See: https://steempeak.com/steem/@aggroed/steem-is-dead-or-is-it
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I see Steem at 3 cents only if Bitcoin touches 1k dollars.
In terms of STEEM/BTC it steadily grows last weeks (as most altcoins do).
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