Price target? Take it with a grain of salt.

Price Targets? Take it with a grain of salt

I have been noticing lots of patting-on-the back recently with regards to projecting the future prices of any alt-coin and I believe there will be a lot of rude-awakening in the coming weeks and months. Despite contempt exhibited by a few alt-coin investors towards BITCOIN, it's the grand daddy that everyone needs to looks towards and be serious about if you want to succeed in this market.

Ever since the top on Dec 16, BTCUSD has been in the prove-itself mode. That means BTC needs to show us that it is able to break above its descending channel. Absent that, any projection towards a certain target above is premature. You may ask why be concerned with BTC while all your eggs are in alt-coin? It's because alt-coin needs a stabilizing BTC price to thrive since Jan 1. The initial dash into alt-coin since Dec 16 has subsided since Jan 1. Some specific alt-coins managed to make a higher high but most of the major alt-coins have also been exhibiting the downward channel since Jan 1.

With the exception of NEO and Ethereum and some other late comers pump-and-dump, the entire crypto market has been seeing slowing momentum. Short term, we need to monitor the the two support levels in BITCOIN. We need to be prepared for more downside to come for all alt-coin if the 11,000 support level is broken for more than 3 days.

US Dollar

The US Dollar is another market that needs to be monitored. I have actually commented a couple of times already about the extreme pessimism towards the USD and you even see articles here in steemit proclaiming the end of the dollar. This, in my opinion, is premature given the record speculative longs in the EUR.
Consider also the upcoming election in Italy with the anti-Brussels party most likely clinging to power, we should be looking at a roller coaster sort of a ride in the EUR market. It won't even surprise me if we have seen the low in the USD short term. The USD strengthening would also take some gas out of the crypto-market.

STEEM, STEEM POWER, SBD

That being said, there is nothing better than STEEM that offers an eco-system that rewards real work, fresh content and with cash flow. CASH FLOW is always the key. Price appreciation is always secondary but cash flow is what makes an investment really be an investment rather than just speculation. In fact, I can argue that a much needed correction would weed out a lot of short-term oriented pump-and-dump content and bring out what's best about STEEM, an environment outside of the establishment media (FB, GOOG, etc), that serves its community with interesting content. My fellow steemians, let's work together and SUCCEED together!

Sidenote: If anyone is willing to loan out SP, feel free to check out my offer here in minnowbooster.