I WAS RIGHT. STEEM/BTC DIPPED AGAIN...
About 5 days ago I wrote my previous technical analysis of STEEM/BTC and called for a sell-off. You can find my post HERE. It turned out that I was right and the price has been dipping since then. Yesterday when the price bounced off the long-term daily trend line, many were getting bullish again which was the main reason behind the bounce but smart analysts are always skeptic when everyone starts buying something so they pay more attention to the market and what they often follow is known as the log-scale of the chart.
STEEM/BTC - THE LOG-SCALE DAILY CHART
As you can see above, it is quite clear that we're most likely heading down towards the lows at approximately 0.0001 BTC per STEEM. Very few people look at this chart. Most traders look at the normal daily chart but smart traders look at the log-scale, because the log-scale tends to give us a more accurate representation of price actions by filtering out some of the confusing hypes or pumps and dumps. The normal chart as it can be seen below appears to be confirming that the log-scale is more accurate and in my opinion, if the price closes below 0.0004 BTC for a day or two, the sell-off can accelerate towards the major support line at just above 0.0003 BTC.
BITCOIN COULD BREAK OUT TO NEW HIGHS
Having said that, Bitcoin appears to have remained bullish and so the price STEEM may not come down that much against USD or SBD depending on how high Bitcoin will go. But it's too risky for someone like me to buy Bitcoin at these prices so I would definitely not recommend buying into Bitcoin's potential rally. Not to mention that Bitcoin could also dip again and drag all the cryptos down with itself in which case it would create a great buy opportunity when STEEM's price comes down to the 20-40 cents area again.
MR. OPINIONATED!
Please be advised that trading cryptocurrencies comes with a high risk and any opinions, research or other information contained in my posts is provided as a general market commentary and opinion only, and does not in any shape or form constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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