I'm back with another market insight on cryptocurrencies, today I'm on the daily chart with STEEM/BTC.
As many of you already know I recently started contributing on Steemit throughout June, you can follow me @lewisglasgow.
I see a lot of potential in their platform and cryptocurrency, although it is not ready for mass adoption it certainly has many positives in the eyes of investors/traders.
What is Steemit?
Steemit is a social network that looks and functions a lot like Reddit, but with one HUGE difference... Steemit pays both the content creators when their work gets upvoted, as well as the people who curate the best content on the site by upvoting others work.
Now that I've got that out of the way, here is my view from a technical standpoint
The curve presented on the chart can be seen across various financial markets and is simply a representation of an asset becoming less valuable over a long period of time.
As price is pushed towards the lowest possible value there are three potential outcomes:
1. STEEM will crash (highly unlikely).
2. It will continue to trade below the curve.
3. Experience a huge breakout to the upside.
Of course, we experinced a brekout of the curve moving from around $0.60 to $2.40.
Earlier this year I came across a similar situation with BTS and XRP, in which both of those assets experienced a tremendous amount of growth.
BitShares.
Ripple.
Just to clear this up, I do not expect a surge in price like we seen with BTS and XRP.
I'm expecting a steady move up between the key zones highlighted in grey, use these levels as an indication to where price will stall.
Right now the market is now correcting itself and preparing for the next move up.
Updates to follow! Don't forget to add me on social media :)
As many of you already know I recently started contributing on Steemit throughout June, you can follow me @lewisglasgow.
I see a lot of potential in their platform and cryptocurrency, although it is not ready for mass adoption it certainly has many positives in the eyes of investors/traders.
What is Steemit?
Steemit is a social network that looks and functions a lot like Reddit, but with one HUGE difference... Steemit pays both the content creators when their work gets upvoted, as well as the people who curate the best content on the site by upvoting others work.
Now that I've got that out of the way, here is my view from a technical standpoint
The curve presented on the chart can be seen across various financial markets and is simply a representation of an asset becoming less valuable over a long period of time.
As price is pushed towards the lowest possible value there are three potential outcomes:
1. STEEM will crash (highly unlikely).
2. It will continue to trade below the curve.
3. Experience a huge breakout to the upside.
Of course, we experinced a brekout of the curve moving from around $0.60 to $2.40.
Earlier this year I came across a similar situation with BTS and XRP, in which both of those assets experienced a tremendous amount of growth.
BitShares.
Ripple.
Just to clear this up, I do not expect a surge in price like we seen with BTS and XRP.
I'm expecting a steady move up between the key zones highlighted in grey, use these levels as an indication to where price will stall.
Right now the market is now correcting itself and preparing for the next move up.
Updates to follow! Don't forget to add me on social media :)
📈 Master the Art and Science of Trading: www.sixfigurecapital.com
