[Cryptocurrency Report #7] STEEM / Another support line broken at 1.80$ and still falling
Those desperate times..
Bad news everyone! again.. If you remember that red arrow from my previous post from friday you know it pointed down to the support line marked at 1.80$ (take a look at this chart again, I've marked this with green circle).
Unfortunately, looks like Steem has just surpassed this support line quite easily and is falling even further.
BTC is burning either
Bad news are coming from that Bitcoin camp just around the cryptocorner. It looks like the whole yard is on fire! Look at this fall during the last 30 hours.
Yes, BTC is almost 600$ less down from 8600$ right now, and I'm afraid that its taking Steem down either yet another time.
What are the future options?
I see two scenarios resolving around this situation and either of them are theoretically possible. However, what will come in practise? I'm afraid it's not that easy to predict...
For now we have the following options:
OPTION A
People get carried by this heavy downtrend and panic sell even more (this could lead to BTC going down to somewhere around 4.500-5.000$ ballpark and Steem might follow. In this case we might see a following scenario if talking about Steem price:
Another stop for Steem in this bearish trend would be somewhere around the support line in violet situated at ~1,27$ and if we get there, I'm afraid Steem will stay there for a longer while...
OPTION B
Community withstands the hard situation and waits out the downtrend to see the exchange rate go up after the situation gets in control again, people stop sharing defeatist trends and hold to what they believe in [and thats our beloved Cryptos, of course :)]. As a result of this option we should see a comback to ~2.20$ resistance line in yellow and a chance of going up again after a short stagnation.
Which side do YOU pick?
I know one thing. If something goes up, it has to go down at some point, that's the old truth that one can hardly deny. However, what stops it from going up again at some point in the future?
I'm holding on to my Crypto savings, and either way it goes, I'll remain positive about the situation, because thats my hobby, my passion that I'm going to keep developing - that's something that money won't buy!
DISCLAIMER
All the above statements are my private thoughts on the topic of cryptocurrency, market and investing. Do not use them to make any investing decisions. The author does not take any responsibility for your actions.
Always think twice while investing - it's your hard earned money and you have to be aware that you're taking the risk and might lose them! That's why you should never invest more than what you're fine to lose.
Buy the dips while you still can, alt season is coming.
I totally agree, looks like the end of this month is a complete sale, can't miss it!
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