Well, that was close! SBD attempted to break the uptrend, but was not able to. Instead we now have a double bottom in place and a three wavish looking correction as a very deep white wave 2.
Yes, 6.7$ was breached and yesterday I wrote, that this is important for the uptrend to not be breached. But it was a mistake of mine as I was looking at the wrong low. Actually 6.38$ is the low that must not be breached as shown in this picture:
And it wasn't breached as you can clearly see in this picture:
If this is count is correct, white wave 2 did a 96% correction, which is allowed in a wave 2.
So now my prediction is as long as we don't see a new low in SBD, at least 14$ is gonna be the outcome of this pattern.
One could also argue, that it is a tripple bottom now, because the lows are only 30 cents apart, which in not even visible on higher timeframes.
Let's find out how this develops, because BTC is looking like it is catching a cold. I will make an update about BTC next... Stay tuned...
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DISCLAIMER: This post / analysis serves general information purposes only. I am not, and never will be a financial adviser. The material in this post does not constitute any trading advice whatsoever. This is just the way I see the charts and what my trading ideas (from my personal experiences) are. I use chart pattern and Elliott Wave analysis for my trading ideas.
For full disclosure: The author of this post is holding positions in this market at the time of this post. Please conduct your own due diligence, if you plan to copy anyones investment decisions!
If you make any trades or investments after reading this post, it is completely in your own responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept to never hold me accountable for any of your losses.
Please consider leaving a comment, like or resteem, if this post entertained you or helped you see things differently...
Have a nice day :-)
I'm always looking forward to your SBD and Steem updates. And because we get paid in SBDs and are looking to convert to steem at the best possib;e rate, i believe it would be a great help if you give the SBD and steem updates at the same time so that we have an idea of where the exchange ratio go and take decisions accordingly.
For example, now I know that SBD might go up to $14, but I don't know where steem price is gonna be when SBD hits 14.....will it go up too and the exchange ratio remain same....will it go down and the exchange ratio increase...etc.
That's why i believe we can benefit a lot more from your analyses if you're doing SBD and steem updates together or one just after the other!!
Cheers!!
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STEEM will be able to rise together with SBD, but STEEM has a much bigger supply, so it will liekly rise much slower. The ratio will increase, but right now I am not sure if we will ever see a ratio of 3 again. 2.5 might be a great deal soon.
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Fingers crossed for 2.5 then xD xD
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Hi there, nice post, I write about this kind of post everyday, if you want to get more information about this follow my account and upvote my latest post.
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I’m so glad that you are secure enough to admit when you made a mistake instead of covering it up like many. I have more respect that you have pointed this out and it’s easier to learn when you can see that the one teaching is human too! Keep up the good work.
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I've been reading quite a lot of SBD analsysis, the generally consensus is definitely to reach over $10. My bet is on $20 though! Gut feeling.
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Thanks for the update! It's very exciting times for SBD these days. Hopefully it will rise up to $14 as you predict, and maybe even higher after that. The peg is gone, and there's no stopping it now!
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I hope SBD runs up to 14. That’d be great. I hate seeing $7 SBD
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We saw 90 cents SBD for months!
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If SBD is below $1 you could potentially make a lot of money by buying it and using the converter to convert it into $1 worth of Steem. I wonder if some people made a lot of money by doing that.
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thing-2 likes that idea
I don't think we will see SBD near $1 anytime soon partly due to this 'convert' word ;)
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Yeah, I don't think we will ever see $1 SBD ever again myself, and I think that's a good thing.
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Yes I liked the high SBD low STEEM set-up. You could buy at least 6 STEEM for 1 SBD at the beginning of last month, nice!
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That was amazing! I got so much Steem Power from that setup.
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I wish it would get like that again. I’m worried to change my SBD into steem right now because STEEM price is so high and SBD price is relatively low.
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Dark times man. I hope we only see upwards of $10 from now on
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Yeah, I agree! Steem is almost the same price as SBD now, so I hope SBD rises away from it again :)
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Yup. I’m sitting on a pile of sbd waiting for the price to go up. Living the HODLer life man
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That's a nice strategy! Hopefully it will pay off ;) I have some myself, but not nearly as much as I want to have before the rise in value.
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Ive just collected a lot and the price hasn’t been where i want it for conversion. Hopefully we see it moon. Imagine $40 SBD...wow
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$40 SBD would be amazing! Upvotes would be worth so much money if this happens.
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The suspense is killing me!
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Right on my friend! Love the precise analysis!
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I hope to see great stability for SBD above $10 without pump and dump. Regardless of the trend, we are here to stay. SBD is still going to stay strong with all the great initiatives and great people here!
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Information is very useful for us all. If you have free time, come to my article to hear a simple rhythm of my pride song, thank you very much brother @ew-and-patterns
https://steemit.com/dtube/@rezamusic/4e0ed80x
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Excellent analysis. I hope your prediction is correct.
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So, we should hold SBD 😊
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I think that's the best information to have, since in all probability Steem is an even better investment in the longer term extending beyond 2018.
I was reading an article recently Ten Ways You Can Use Steem When It Hits $10 , after I observed that the Steem price could be here to stable.
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