The correction I have been calling for the past several weeks is now wholly in-trend. I expect further unpredictability and weakness until the Bitcoin Trojan Horse has completely entered the gates.
Chart from 7-6:
Chart from 7-16:
It's not looking much better for Steem at the moment, either, which may put another temporary damper on our rewards payouts.
Chart from 7-6:
Chart from 7-10:
Chart from 7-16:
The support I drew at about .00042 BTC is currently holding, but with the BTC price diving, that is hollow succor for the Hodl'ers.
As I said 10 days ago, if you are a buyer, get into cash and be as ready as possible to buy. If you a long-term investor, hold and get away from price feeds for a few weeks, or if you have a stomach of steel, sell and wait to rebuy. If you need to sell, well, you missed the boat. I don't know if you should wait or not, it depends on how willing you are to sit by a price feed and stick to a selling price you set in advance.
Steemians, keep on posting. The rewards you earn may look smaller now, but they will be much higher by the end of the year. On a 6 month timeframe, these pull-backs are extremely healthy and now we can actually hope to buy in at a price that doesn't almost guarantee a bubble. Eventually, we will pull away from total reliance on BTC, but it's not going to happen until after the august debacle.
Remember, nobody gets sent out for gum and gets applauded for coming back with Bubblicious (now with up to 10 minutes of flavor per pack!).
Please see my (past-payout) article on Bitcoin Scaling and how it will likely destroy the very foundation of Bitcoin's existence:
@lexiconical/seg-wit-is-a-trojan-horse-bitcoin-scaling-debate-explained
PS - In the time it took me to write this post, Bitcoin dumped $38.
Note: This is not investment advice, just my own speculation. Invest only what you can afford to lose, this is all highly unpredictable.