STEEM - Bounce scenario invalided

in steem •  7 years ago 

Hello all,

So yesterday I was showing you that we used the support line to do a bounce and I was expecting higher highs to validate that bounce :

STEEMUSD.jpg

Here is the current chart :

STEEMUSD.jpg

We can see that our support line looks strong and stopped for the second time the drop.

However, I'm afraid that we break that support line in case of an important drop of the BTC.
One other scenario would be the "W" pattern that I traced you in green and which is a bullish pattern using the double Bottom.

I would suggest you to wait if this support line hold or not before buying new STEEM. You will perhaps miss the current prices but if the support line break, you will have the opportunity to buy them much more cheaper also.

I wish you massive profits,
Cryptopassion.io

Disclaimer : Never invest more than what you can afford to lose. This post is my personal opinion, do your own research before making any investment decisions. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.

BARRE STEEMIT.jpg

CryptoPassion-Bannière.jpg

Interested to trade your cryptos like a Pro ?
As a trader, I recommend you the trading platform Bitfinex
10% discount on your trading fees for 1 month via this link !

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

I wouldn't mind if it came down one last time now, I have some more fiat I would like to buy steem with ;) I'm confident that weere getting close to the bottom now, I can't see it going too much lower.

I need to buy more steem but will wait for it to dip further. Thanx for sharing.

Interesting analysis. Thanks for letting us know what to look for.

I have a feeling steem is really going to shoot up once bitcoin finishes its correction. Lots of big investors just waiting

잘봤습니다 굳럭

thanks for thinking about others i really like your effort.we should must think before investing more in btc.

Now we are bounced back to 4$, do you think it's still possible Bitcoin will dip more deep?

  ·  7 years ago (edited)

Everything is possible in the short term. BTC and altcoins are heavily attacked by governments and financial institutions. No one can say what the price will be in one week or one month but in the long run, there is higher probability for prices to conquer new highs and lower probability for total crash. HODLing is very difficult. Especially for those who are invested in with their significant savings. If the HODLers will manage to stay in, the sellers will spend their resources and this is where the reversal should start, but as I already mentioned, it is impossible to know, when this will happen.

thanks for sharing this information

I gave up trying to predict price of steem

Thank you for the advice,i hope the market recovers soon

Thank sharing imformation

a lot of useful information here...sir
thanks for sharing this important post
@upvote and @resteem done

Very appreciative about your information concerning steem and its purchase though but if BTC is a yardstick to watch out on steem i guess this is definitely not the right time to get involved in the purchase of steem because bitcoin is really at a kower end due to its value .but thanks on the hint on how to go about steem purchase

Unfortunately I don't understand what support lines are, but I think i'm closer than before so shoutout for your post @cryptopassion..

This is awesome information! I've been thinking about investing a little bit more, and will use this information wisely.

good blog you fren, i like

@cryptopassion thanks for sharing :)

Thanks dear discuss about the cyptocurranec.

Thanks for your post. I totally agree with you suggestion and I also think, this is the time to invest on BTC than any other crypto cause BTC will recover faster than any other crypto and there is a high chance that it will go back to its normal price soon. so If you make good amount of profit on BTC than obviously you can use that profit to buy more steam.

This is a good step making a chart of carrancy value

Putting too much faith in technical analysis and creating an investment strategy based on its conclusions can be very, very dangerous. Look for the fundamentals of the crypto and the overall crypto market news / developments when you consider whether to "buy the dip".

This is a very interesting analysis and hope for those of us that are bullish on Steem, gogogo!

good information dear...thanks for sharing..

Thanks @cryptopassion for the advice. I think STEEM and other AltCoins will break resistance as soon as BTC will. BTC needs to go in a positive dimension for us to be on the safer side. I am holding my SBDs and STEEM for a good time now.

Also, as you mentioned, I also suspect that once the support line breaks, STEEM prices will go down further. And that would be the perfect time to buy and invest more. So HODL everyone and buy more at the dip. Cheers. 🥂

  ·  7 years ago (edited)

I hope that the cryptocurrency market recovers soon. January and early February have not been very good with the prices of cryptocurrencies. I hope Steem goes to the moon soon. Thanks for sharing.

I am probably 50% down from my buying point but as long as the number of my steem coins doesn't change i am realxed ;-)
After all, i am here to make posts and grow this great community!

It seems like we are really testing that $4 level. Hopefully it holds.

Steem is a good buy anytime ....this platform isn't going anywhere but up....like all good things just takes a little time

If steem dips to $2 IM buying 500 of them for a grand, i could only hope after that it goes back to around $6.50 so i can then power up my account on here so my vote will be worth more to upvote good content like this post. Thanks for sharing these nice charts with the community

Thanks for sharing this @cryptopassion. I love the work that you are doing on Steemit - I am not very experienced with technical analysis, but I often compare your analyses to mine, in order to see where I can improve my analysis.

I am currently working on a project that I am calling the "Steemit Success Initiative". The aim of it is to increase the amount of new users on the platform, as well as the amount of daily active users. We plan to do so by doing the following:

  1. We run advertising campaigns for Steemit that are done professionally, to bring in more users.

  2. We provide a guide for all Steemit beginners on How To succeed on Steemit (putting this together by talking to many successful Steemians about how they became successful).

  3. Provide a manual curation service for 5-10 undervalued posts per day

  4. Provide a bank of free graphics for all members of our incubator, and once a month give 1-2 Steemians access to a graphic designer for free. I already have a Graphic designer on board for this.

I am currently looking to get support in terms of SP delegation and advice on how to build the project. I would greatly appreciate your support on it - if you want to talk more on Steemit Chat or Discord, I would be happy to tell you more about the project.

Thanks bro ! you make my crypto purchase decisions so much simpler :)

Things are not looking great for STEEM but neither is it for all of the crypto markets... we are trying and struggling to bounce back up!

As you said is definitely worth to wait some more days and see what happens to BTC and watch the effect on STEEM price, possibility to buy
even cheaper is actually very close to happen!

when bitcoin goes down, alts go down further, when bitcoin goes up altcoins go up higher...I feel either now or soon will be a great buying opportunity