STEEM: BTFD!! Explosion IMMINENT!! Target $14 Dead Ahead!!
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SUMMARY
STEEM is setting up a very long and powerful Bull Flag as shown below. This has retraced about 50% of the prior rise which is a very common Fibonacci zone. Once price turns, it'll be violent but in the upward direction. So, BTFD!! Buy the Freaken Dip! Note how price exploded out of the prior triangle, near vertically. Such vertical moves are not sustainable and that's why STEEM needs these three steps forward and one step back type of advance-consolidation steps. So, EXPLOSION is IMMINENT!! $14 could be Dead Ahead!!
Please consider reviewing these Tutorials on:
Elliott Wave Counting Tutorial #1
Elliott Wave Counting Tutorial #2
Elliott Wave Counting Tutorial #3
Laddering and Buy/Sell Setups.
Laddering Example with EOS
Tutorial on the use of Fibonacci & Elliott Waves
These Technical Analysis Books: Elliott Wave Priniciple & Technical Analysis of Stock Trends are highly recommended
@haejin's Trading Nuggets
Essay: Is Technical Analysis a Quantum Event?
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Legal Disclaimer: This is only my opinion, make of it what you wish. What does this mean? It means it's not advice nor recommendation to either buy or sell anything! It's only meant for use as informative or entertainment purposes.**
Thank you. I'm so excited to see your graphs as of late. So many predictions of coins going up. I hope you're right. :)
That will be great if true! Fingers crossed!
$20 Steem would be music to my ears!
WTG STEEM! Keep this train rolling!
It is pretty, you teach THE most valuable skills Haejin. My post on STEEM/BTC from 5 days ago is so close to reality now!
https://steemit.com/steem-btc/@thedolphin/steem-btc-bulltrain
This is the best time to add Steem to your porfolio, convert to Steem power, and like Haejin's posts. It's a win win for both and steem would rise making you profits and your likes would have more weightage - benefitting Haejin. Please consider this. Thanks
I have seen you post this before. can you explain how it works. I have steem if I convert to steempower does that mean I no longer have steem? TIA
You'll still be able to turn your steempower back into steem, but it will take 2 years to get all of it back out (they split the payment up into 104 parts). It is not very liquid. The pro is you do earn a very small interest rate on steempower.
This is actually only 13 weeks, not 104. Was changed several hard forks ago.
jfc, I'm glad. 2 years was so unreasonable. Thanks for the correction.
Where will this leave sbd? Should I convert my sbd to steem ASAP or will it drag the price of sbd up with it?
I would think Steem should be more valuable, as it has more utility, but I can only speak to fundamentals. @haejin is the master of the technicals.
Thanks for the reply. I don't have a lot of sbd but obviously I would still like to maximise my returns. So I'll switch sbd for steem today. Thanks for the advice my friend
I also think that steem will rise
If you look Steem is following SBD's lead
See now that's what I thought. But if @heajin is predicting $14 then sbd must be in the $16-18 region. So I'm better off keeping g my sbd? That's what I wanted to know
SBD, currently $7,80 on Bittrex, but it has also just finished a correction and is starting the next set of impulse waves. Always better to have a bit of diversification anyway.
Thank you for the comments, it's always nice to hear other people's opinions. I agree it's best not to have all your eggs in 1 basket. Looking forward to the ride now 📈
I Couldn't agree more. diversification is the best way to make profit
You better change your SBD for steem NOW... Steem price will overcome SBD anytime soon, and SBD could fall a bit after steem goes up...
Do you really think that? I better switch what little sbd I have to steem. Thanks for the advice. Cheers
Havent you noticed how Steem price have been increasing and SBD is staying stable around 8$?... Nothing is for sure, but Steem seems like the right bet now...
I had said SBDs explosion was leading indicator for steem
Hey @heajin I've only recently started to follow you but from what I've seen, your predictions seem pretty accurate and I'm glad I found you. Thank you
You sure did.. I remember that!
Mister Lee could you do an SBD update too?
thanks boss!
STEEM follows SBD lead. SBD is headed for $30+ on this set of waves. The recent spike in volume today confirms this.
How does that work if steem makes sbd?
Idk, i sell mine for steem then power up. I have deadlines im hitting. Next target is 200 SP (Non delegated)
Must say I love when steem goes up
Sorry @Haejin, but your Elliot Wave logic on STEEM is mostly a bunch of BS
STEEM's recent price rise is a big pump of volume. To get it back into approx 30th to 35th place in the crypto market, after it had sunk down to 42nd place. Per CMC. Coinmarketcap.com Take a look at the big volume increases, which correspond to the price pumps on STEEM.
When you analyze price movements without considering underlying volume, you are only using a small part of relevant information. The recent price movements on STEEM are directly linked to volume. When you try to analyze price movement without all relevant information, your analysis is lacking in value.
The larger piece of information to take in to account is this pumping action on altcoins has been common across the board in last two weeks, while BTC price was relatively unmoved. All the money in crypto space has been chasing altcoin pumps. STEEM. SIACOIN. etc.
Could STEEM go to $14? Sure. More than a double on current price. If all the cryptos above STEEM also do a double, then a double of STEEM is entirely reasonable.
But such a price change will have nothing to do with Elliot Waves.
are you assuming elliot waves are what moves the price? Your comment was well written but you have to understand that all elliot waves show is the trajectory of price movements, be it because of volume or zuckerberg invests in it, what ever the reasoning it doesn't matter, the theory works to show the price, but of course it is not why the price moves, I hope Im not missunderstanding you, cheers!
I agree that the volume uptick was the giveaway to steem's breakout above $4. I wrote about this in my recent post, "Steem's Blue Sky Breakout Above $4".
Notably, in the last few weeks of December, steem's daily trading volume per Coinmarketcap was hovering around $6M, give or take. Then it suddenly jumped to over $20M soon after Dan's 12/31 post regarding improving governance at steemit.
At the peak of the breakout run, the daily trading volume exceeded $100M. It has since settled down and the price of steem has pulled back some but is still holding above the $4 breakout level, which is a positive for the bullish thesis.
It is imperative for Steemit Inc to capitalize off of this momentum and roll out SMTs and innovations on this platform if they hope for the bull run to continue.
Thanks for the headsup, great analysis. A good entry would be in the $4.30-$5, which was the previous ATHs back in July 2016. I bough some more STEEM yesterday in the $5.50 range.