Though I have made a few sick calls within my inner circles I'm gonna do the douchey move and go with a public claim in a "Hey look at me moment"
Hopefully this will be the time I am wrong since I am putting it out there....cause I really want to be wrong on this!
Steem will hit 80 cents before it see $1.50 again
Yup, that is the call I am making.
But rather than it just be some douchey loud mouth throwing out random calls let's actually see why I believe this will occur:
1.) It's gonna be a round trip baby!
Looking at the daily chart above we see two important things:
- The next real level of support is the basing at 80 cents back in late 2017
- That level marks where the parabolic move began late last year
I honestly thought the $1.50 level gave us the round trip move since that was the breakout price when the mania speculation began. Apparently, price action looks like it wants to go all the way back home!
It's about to be like the past year never even happened LOL ;-)
2.) The Bitcoin Bear is Alive and Well
After getting a what has not just become a relief rally bitcoin has puked back all the July gains and on a technical view the next downside target is the prior low around $6,250 which is just a few points from the 2018 low.
- Chances of Steem going higher with BTC lower are low
Now - I'm actually a bit annoyed by this price action because BTC already did a full round trip by touching prices pre-2017 parabolic breakout.
Maybe it needs to re-visit it one more time to create a solid bottom. I don't but I'm hoping I am wrong and this thing rallies. We need a catalyst. Maybe bitcoin ETF green light in Sept or Oct, who knows.
3.) Past three years crypto market was sideways to lower in September
The good news is that we saw good rallies in Q4 (Oct-Dec) the past three years. So basically, we need to wait for the crypto bear to hibernate for the winter.
The bad news is that is still a couple months away. Ouchie!
Hoping I am wrong about all this!
...and now we sit and wait.
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Disclaimer: All info in this post is my opinion and for informational purposes only
Free e-book: ScaredyCatGuide to Knowing What the Heck Bitcoin Is
Disclaimer: All info in this post is my opinion and for informational purposes only