Well, here were are my steemit friends. The price of steem is testing support - a level that has held many times before and will hopefully will hold again, otherwise a sub $2 move is on the table.
Steem Support and The 200 Day Moving Average
Looking at the chart below you will see the support and resistance lines that I drew at the turn of the new year.
These price levels continue to be in play and the $2.60 support is currently in the live player!
What I did notice is that the 200 day moving average (blue line) happens to be in the area at roughly $2.50 so its nice to see that as a possible extra layer of support.
The Good News
The $2.60 support area has held the last two times we touched that area and we also have the 200 day moving average that often times provides a support level.
The Bad News
Often times it's the third test of a level when it finally breaks. If this were to be the case then we have downside risk to $1.65 (the next support level) and thus would fall into a lower range with that as the low and $2.60 as the resistance/upside.
Conclusion
Pretty simple - let's hope the price of steem bounces here and we maintain the $2.60 support with the upside of $4.30!!!
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Best Regards,
Disclaimer: All info in this post is my opinion and for educational use.
Free e-book: ScaredyCatGuide to Knowing What the Heck Bitcoin Is
Best Regards,
Disclaimer: All info in this post is my opinion and for educational use.
Do not worry steem is down because the whole market is down! It will pick up when the market gets stable!
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Steem has been in a downtrend since the beginning of the year. Recently coiled up and out to the downside. If Steem can't hold my line in the sand at $2.33, we may go down to as low as $1.00.
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That's right......things could get ugly real quick. Fingers crossed!
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the more times a support is tested the more likelihood it will fail. I too hope it does not fall as I invested most of my steem when it was over $3. Cryptocurrency in general is in a free fall right now. Very tough sledding.
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Indeed it is. Not the first time and won't be the last, but they sure are not fun.
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Good post the bitcoin value is very down in this time
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I think it will re-bound. If you look across the board a lot of the coins are dropping. ETH specifically has kind of been in a lull and STEEM seems to kind of follow that same trend. I think as things pick up for ETH you will probably see STEEM start to move back up. It certainly is a far cry from the $5.00 or so it was when I first joined though :(
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Here we are indeed. It looks like the time has come once again for morale boosting.
I have a bit of a ghoulish take on this: part of me hopes it'll go much lower. This ghoulishness correlates with me paying off virtually all of my credit card debt and saving a wee bit of cash. ;)
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Congrats on vanquishing the credit card debt - the single best action someone can take with their finances!
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Thanks! I'm also planning to store up a bit of cash in the hope that STEEM will go lower over the coming months.
I'm in the middle of a sales process that has to be a specific quantity for tax reasons. Once that's done, I'm gonna cancel my (small) power-down and roll my delegation earnings into Steem Power.
Once the final sell goes through, it's time to accumulate!
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Let's hope so... but all depends of Bitcoin and the overall market sentiment.
Even with that STEEM performed in the past as a reliable 'value-holding' currency... anyway, fingers crossed!
regards, cute cat!
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good information the post is amazing
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You just dont have anything to push the price up. Crypto enthusiasts that have stuck around and drop in media coverage. Doesnt look good. I feel like it will be a rough 2 months before it all picks up.
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Yes, that is something I ponder often. What is the catalyst to push things higher. At the moment doesn't seem there is a clear cut one.
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Regulation of exchanges is the catalyst! You cant regulate the blockchain to any extent. Ugh. It makes me furious that speculators dont realize this. Instead of buying in on regulation news they panic sell.
Exchange regulation leads to wider adoption.
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Absolutely this is the key @silentscreamer! If crypto would only stop fighting the regulators and embrace and help them to regulate the space instead. Large funds cannot enter the crypto sphere without regulation. Regulation will open the fiat gates to and from the banks.
As for the markets right now, well I'm only interested in watching BTC. It's still the Big Daddy, the Pied Piper, who plays the tune that all other cryptos follow along and dance to.
I'm waiting on BTC at two levels, 7500 for a bounce but I really want 4500. Anytime I mention 4500, people laugh.
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When we were at 15k and I would tell people 8,500 was a real possibility for a pullback people laughed - so I hear you on that.
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Nice sharing post.
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Old Gray Mare (Steem) ain't what it use to be.
before
after
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Hahaha!
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Steem is going down because BTC is headed lower...
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I think the risk is only on the short term.
Where do you think steemit will be on January 1, 2019?
I think it could easily reach a 20$ price by then.
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In my opinion much of steem's price appreciation will depend on how the whole SMT thing plays out.
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Well, I don't want it to go down, but if it does, it presents a chance to buy low for profits when it goes up again (which it will).
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The team chants $4.30, $4.30, $4.30!
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