The Crypto Carnage Continues...what does it mean for Steem?
Another tough day in cryptolandia. We got bad news about the SEC cracking down on exchanges. Then about the Japense gov issuing warnings to some of their exchanges. Then the guy from Mt. Gox sold $400 MILLION worth of Bitcoin. It seems that the "bad" news keeps coming.
Looking at the BTCUSD chart, I would expect the Bitcoin price will continue downward and retest the $6800 range (per the Bitfinex chart below).
If 2017 was the year of the boom, 2018 may very well be the year that people invest smarter and we see a "flight to quality". That means that people will sell the risky, unproven cryptocurrencies in favor of the proven projects.
One of these proven, working projects is Steem. We have an amazing community, a token that has REAL purpose and use-cases and a website that is in the Top 1000 most popular websites in the world. I think that Steem will have a great year, altho some of these other projects may not...especially some of the ERC-20 projects.
While I hardly ever post any Technical Analysis or charts, I wanted to share this one of the STEEM/USD chart. You can see that we are squarely on a support level and I've indicated a few previous touch points. I expect this zone to hold and is a great buying opportunity here. Remember that round numbers are also a favorite target for traders and Steem could easily retest $2.
So when you see your Steem account value go down and down, just remember that 2018 is the year where the good, proven projects will rise to the top and that Steem is definitely one of those projects.
What other crypto/blockchain projects do you believe are strong and will survive? Why or why not?
Leave your feedback in the comments!
In Liberty,
Ashe
Glad to hear you project Steem will survive well this year. I am wanting much upward price actions for Steem this year too.
Nothing, coincheck is selling BTC to reimburse NEM holders that lost NEM from the hack
ahhhh i was wondering why NEM was up today.
It.s red friday for crypto in my opinion...what happened all cryptocurrencies are on the ropes.
yeah, bad news for crypto lovers but hope it will rise again soon because never lose hope, you never know what tomorrow may bring ❤. Best of luck guys and never lose hope 👍
Keep calm and carry on. Take some advice from a cat 😽 Steem will be okay, just don't sell it if you think the price is low. This website is picking up popularity, the coin is becoming more useful each day and we are all improving our content. Bitcoin didn't really crash and as it's still way up over 12 months So is Ethereum both by enormous amounts. Time for the developers and the patient to prevale. I just wrote a blog about this also how can a sale of less than one billion affect 200 billion plus of crypto marketcap. It's probably profit taking and sales to pay taxes. No need for spreading FUD, there's more positive than negative news in general. But then again, what do I know? I'm just a cat meow mRrrrrrrrrr....😹
good kitty. Here's some catnip. Don't go too crazy.
the value of steem is also going down we have to take things seriously.
Thanks buddy, have been really worried since this plunge began, it's really scary because i dont posses much knowledge in crypto. Thanks for the update.. really helpful
yeah man, time to really know why you have bought the coins in your portfolio. Not a market for guessing right now.
Not for guessing at all, you guess and might end up losing a life time savings
so sad market is crush!I believe steem price should be 100 USD in 1 y from now. Why because of the limited supply and the low Market capitalization at the present time, Steemit is the only crypto that solves all the problems in one platform. Smart contracts via bots, media, social, video, audio, decentralized voting, Leaders with influence like ned . All of this suggests that Steem is the best and is not under the radar of any crypto trader. as the price fluctuation is very low. That is the only reason steem is so low. To stable to be profitable for short-term position.
Definitely agree that from here, we’re going to see the money start to move from the purely speculative projects to the ones with real business cases and partnerships in place.
Thinking Steem and Litecoin as my big two.
and EOS on June 1st !!
As the price of BTC going downward the wole prices of crypto is going downward this is becaus BTC is the mother of crypto
And no doubt We have the best and great community Steemit and Soon it will reach on top
i believe so. Steem needs to come out with SMT's asap.
I'm curious how the mafia called government will ultimately effect the crypto world. Great post.