BTC Tests 6k Support - EOS @ $4.58 - STEEM @ $0.87 Altcoins Could be Ultra Cheap if BTC Breaks Below 5,800
On the hourly for BTC, we see what could be a reverse head and shoulders. I never give much to chart formations, though because while this pattern indicates a possible support zone, we have tested this support zone multiple times, with less and less upward thrust following each test of it. As it stands, an eventual break of this support zone is possible. It depends if the ultra whales want to support at this level or permit it to break over the next days / months.
Looking at EOS, we see that it has taken a massive hit just from a minimal move in BTC price. Many other alts are getting hit hard just from the minor move in BTC.
STEEM is down to the $0.80 cents range. Considering it should eventually be a leader in ICO tokens, (assuming SMT's ever happen), it is fairly cheap today. It may have more downside, but it is relatively cheap. Historically, I think people will look back on this price and go, "Man, I wish I could have bought some then." The problem with this is, we could be dumping down to $0.60 cent range if BTC breaks 5,800.
The Lesson: If BTC wants to break 5,800, then Alts should be super cheap
If BTC does a disaster crash and breaks this major support zone, then I would seriously look at the alts. If the alts want to take the bear market this hard relative to a BTC drop, a loss in confidence for BTC price would dramatically impact alt-coins. We would have very good long-term buy in levels for many projects. The issue is we do not know when the market will recover. A person buying down there may have to wait a long time, the end of 2019 possibly.
So to repeat, in a BTC disaster crash, the alts are likely to have no price support left in many instances. I would set alerts for their prices.
I use www.coinwink.com to set my email alerts.
Published on
by crypto-investor
I think plenty of people already bought the dips, and the dips keep coming. I'm thinking now the smart money is taking a wait and see approach. They are probably keeping their fiat on the sidelines or have their crypto tethered. Once the bottom is hit, and signs start to show a breakout, this money will enter quick and alts should see a rise...hopefully.
Let the weak be extinguished by the flames of hell. Survival of the fittest crypto. Shake it more but brace yourself in the process.
Never seen steem that low and you are absolutely correct until bitcoin don't stabilise or go up alts could go under the ground level great discounts
btw you can also use blockfolio to set alert on your mobile for the altcoins. yeah the whales have been supporting the price for the past 2 dead cat and current dead cat, let see how the whales gonna do. what are you buy in level for eos and steem if btc break below ?
It's whatever price comes in at if BTC breaks.
As it stands, even if it doesn't break and we just have a continuation of sideways movement. A lot of altcoins may become cheaper in a sideways movement.
As for EOS buy points, it's a tough call. I'd probably favor not buying EOS and I would buy other things. It may not be the right call, but I already own a bit of EOS, I don't need tons more. It hitting $100 isn't guaranteed. I believe it's still certainly a possibility, but I'd peg those odds between 30% and 40%.
If we bought in at $4 and it hit $40, that's a 10x. If it hits $100 and we buy at $4, that's a 25x. EOS might be good to trade from like $4 to $8... there's more hype with it, so it's potentially a good multi-month swing trade. I'd favor an EOS trade over an investment, because there are technically other investments that can do 10x easier than EOS. There are also other possible projects out there which would more easily arrive at a 25X.... but off the top of my head, I do not know what they are. Small, decent projects take a lot of time to research to find those ones which could do 50X+.
And if BTC broke, EOS should hit $4 easily, maybe lower. That'd be the entry point... which would either be a long-term investment or a multi-week / month swing trade. A person could likely buy at $4 and double their money or better on the next good EOS bounce.
thank for sharing your views. yeah probably good idea to diversify if you already own quite abit of EOS.