STEEMIT CRYPTO ACADEMY S7W4 - CRYPTOCURRENCIES CONTINUE TO RECESS OR REBOUND IN 2023

image created by me on Canva

Hello to everyone in this wonderful community today. I greet you all in good spirit and I want to believe that we all are doing just great today, if so praise be to the creator for the gift of health.

I welcome you to yet beautiful week of the steemit season 7 engagement contest that has been set up for the purpose of interaction and active communication among users in the steemit platform.

Today I will be dropping my entry regarding the contest that has been set by the community team head for users to participate which has been titled Cryptocurrencies continue to recess or rebound in 2023.

So I will drop my take regarding the said topic and as such I urge you all to stay put while I drop my entry below.

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In your opinion, will the cryptocurrency market rebound in 2023? Or will the bear market period continue?

We all know that last year was a great bear market regarding Cryptocurrencies as thus it was seen that the top Crypto of all was in down time and as such every other Cryptos also followed that same trend.

Currently, the activity of market trend has changed in such a way that the price value of Bitcoin started to rise again and as the movement continues it enhances bullish movement in price value regarding other cryptocurrencies and as such we can vividly say that Cryptocurrency market will rebound in 2023.

Yes in no doubt anything can happen at any given time since one of the characteristics of cryptocurrency is that it is highly volatile.

But with the current movement in price value today certainly the cryptocurrency market will rebound for there was a high bear market last year but since this year started, the price regarding cryptocurrency has been gaining value in the market recently.

Why not we judge this answer by looking at the Cryptocurrency market and also analyze it movement alongside making use of technical indicators to help us prove this point of ours today.

Image from tradingview

From our analysis, we can see that we have gone back to the beginning of January when we noticed a change in market trend regarding the Bitcoin Cryptocurrency.

Using the TRIMA indicator, we can see the movement of the price value as the indicator depict movement of price and also tells us what the market has been doing and it may also determine the next movement of the market.

Judging from our first analysis when the whole uptrend began, we can see that there was an initial Breakout from the bearish trend to a bullish trend and along the line we have also noticed a wedge uptrend pattern in which price value retrace and rebound between the support and resistance, and hence we have also noticed a false breakout to bearish trend but the high volume of support did not allow that to occur and as we have seen also the market trend went upward as we have seen another breakout to bullish trend.

After the price has been in an uptrend for day, a retracement was noticed during the middle of the month but this retracement did not bring the price down to the phase it came from, either it only went down a bit but later came up.

All these activities regarding the Bitcoin also affected other cryptocurrencies in the market. So whatsoever the Bitcoin does, many other Cryptos will follow.

Now let us look at the 15min trade timeframe and see what is happening in the market regarding the Bitcoin cryptocurrency.

Image from tradingview

As we have noticed the market with the aid of our chat, the movement in price value of Bitcoin was in an uptrend movement as this was confirmed with our respective indicators. I have made use of the TRIMA, EXPONENTIAL MOVING AVERAGE, and also the RELATIVE INDEX indicators to analyze this chart and from what I have noticed, the price value was in an uptrend until there was a breakout in market movement down to a downtrend.

We have also noticed that the Bitcoin was overbought initially and when a crypto currency is overbought, it will definitely do the opposite which we have seen from the image confirmation below that It was later oversold.

Image from tradingview

But all these activities did not still pull the price down to how it was from the very beginning as we have noticed that the price value keep on increasing day after day. In no doubt there might be a fall in price but It kept on standing on it feet and then continue an uptrend.

So far we have not seen the movement of the price value down to it previous low since the beginning of the bullish trend that started in January.

Image from tradingview

The above image is a 5min timeframe of the Bitcoin market movement chart and we have noticed a strong breakout in the market by the presence of two long candle sticks depicting red color, thus signifies a bearish market movement yet along the line we have also noticed a gradual change in market trend.

Although the price is still low and we have not seen a breakout to bullish yet but with the movement of the market, a breakout to bullish is near.

The uptrend wedge pattern movement of the price value shows that the market is liable to move uptrend as we have noticed a support in the price and also there is a great contention between the buyers and the sellers in the market.

With all indication and beyond doubt, Cryptocurrency continue to rebound as we have noticed the market price has not gone down to it previous value.

We get to see a rise in price value even though downtrends are inevitable yet the price has not gone down to it last support since the start of the uptrend movement in January 2023.

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Has the long duration of the bear market affected your work within the Steemit ecosystem? And what do you advise the rest of the users in such periods.

Well for me, the long duration of the bear market never affected my work within the steemit ecosystem because I blog not just for the reward but also for the fact that it is now part of me.

If you checkmate my profile you would notice that I have been consistently working within the steemit ecosystem and as such, the bear market never affected my work nor stopped it even though the price of steem has been affected also it does not affect my activities here in this platform.

My advise to other users in this platform regarding this period is to keep pushing on and not to give up hope.

We all know that the steemit platform is a great place to be and also this platform has been of help to users in one way or the other, and as such we should all keep fate alive and to continue doing what we all know how to the best knowing fully well that cryptocurrency is volatile.

There is still hope at provided that price keeps going up the table shall turn soonest.

We all know that what goes up must come down and what comes down shall go upward, this should be our hope and it shall come to pass in no time if we believe that there is always light at the end of the tunnel.

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which cryptocurrency do you see as promising in 2023? Tell us the most important characteristics of this project and the reasons for your choice.

The Cryptocurrency that I considered promising in 2023 is the HOOK USDT. The most important characteristics of this project is that, It make available specialized learn and earn products to businesses alongside certain infrastructures, and also to build up decentralized applications as they come into the world of web3.

Note that HOOK USDT is said to be an on-ramp layer for extremely large web3 world.

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What do you think of the status of the two cryptocurrencies, Steem and TRX, over the past year, and do you see them as promising for the year 2023? Justify your answer in advance with technical indicators if possible.

To me, Steem and TRX are great cryptocurrencies did well over the past year. The price of Steem was affected not withstanding as though it takes the footstep of the top cryptocurrencies such as the Bitcoin.

We all know that the price of Steem can be better and this I am bullish about as we have seen that the price actually survived during the fall in crypto price.

It was holding it ground and with the help of the holding capacity and balancing between supply and demand it was able to stand it ground.

Image from tradingview

The above is an image regarding the Steem cryptocurrency chart and as we can see, although there was a fall in price value and as such the Steem crypto continued in a downtrend movement.

As the RSI has indicated that it was oversold already. Currently we have seen the struggle of the price battling between support and resistance on or 15min timeframe chart forming a wedge pattern. hence we will soon see a breakout in a short while.

Image from tradingview

We can now see that the price has refused to come down below the previous support level and it has now gone past the previous resistance level.

So with this I can only but say It sure looks promising because it has not returned to the price value it began this year with and as such, it has shown a promising movement this year 2023.

While TRX on the other hand is more like a stable cryptocurrency that is not easily or rapidly affected by either a bullish trend or a bearish trend market movement.

With this attribute it was able to stand firm during the fall in the price of Bitcoin that affected other cryptocurrencies. TRX is indeed a stable cryptocurrency and with the les number of supply it will sure increase the demand for it which I know will positively affect the price of TRX.

Image from tradingview

As we can see the price movement of the TRX in the crypto market as it retrace and rebounds around the support and resistance level point after the breakout to bearish movement.

As a stable cryptocurrency, it is most likely for it to repeat the initial action or movement taken in the market. But with the look of things, the price movement has not reach the previous resistance nor support as the movement continue in a wedge pattern.

With this I can only but say that we hope to see a bright light and movement regarding the TRX cryptocurrency.

For one thing I know for sure is that it is a more stable cryptocurrency and I do not think to is likely to depict more lows than we saw last year because as the price of the top currencies goes up, the TRX cryptocurrency is likely to go up as well but with slow momentum regarding the speed of movement.

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CONCLUSION

The rise in cryptocurrency price is a relief to many crypto users and to us all in the steemit ecosystem. I do hope that the movement of cryptocurrencies will continue in this trend so that we all can smile again.

The bear market has caused a lot and as such we want to see a continuous bullish trend in this year 2023.

Thank you all for reading from me Today. I want to use this medium to invite certain users to also participate in this contest today and they are, @skilocy, @v-brainer, and @jenny281