Crypto, Stocks, and Alcohol - Drink #6
It’s the weekend and we are back again with another drink edition of Crypto, Stocks, and Alcohol. Today I am going to keep it real with my thoughts on overall markets and where i think we are moving into the future on a broader scale.
Let’s jump in.
Crypto......bitcoin.
It all moves on Bitcoin. I have been one of the lone steemians on here and other sites that have been a full out Bear on every bounce since Feb. Aver single 4hr candle I have been screaming Feb Lows and guess what...we are now here. This is awesome because can you feel it? The sentiment. The changing in the wind. People actually believing bitcoin can go lower? Oh boy does this get my gears going...because I’m starting to feel BULLISH. Oh baby the markets and computers can change but the emotion is still the same. Take a look...we are about to get the puke I have been calling for and I am looking for the long term bottom...you buy this dip in the 4200-5000 range!
Stocks
Now for the bad news! The is the 100% complete opposite. After I went 90+% long equities in April, I am not 0% equities. The upside is limited and (in current conditions) are being carried by the FANG. I known it’s a slogan but this is not a joke. FB AMZN NFLX and GOOGL are literally holding this entire market up. This Nasdaq chart below says GTFO before you are BTFO.
Drinks!
Everyone favorite present time. Well I kept this simple today. I went with the cheapest draft on the menu which happened to be the Coors Banquet. It is 30% cheaper than the others and in this crypto market, we are POOR AS HELL. ;). And soon to be equity market :) lol.
Good luck everyone!
Follow me on Twitter and all other media @heyimsnuffles
Looks like you had too much drinks and the chart was too late for the party or it looked too ugly to be posted. 😂
Updated!!! Lol
EXCELLENT!! And damn refreshing to find one on the same page with Statman...very rare indeed. thnx.
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If Bitcoin goes down to 4200$ what is going to be the price of Steem? Should be around 0.60$??? That is just insane...why was Steem in mid 2017 with over 1.20$ with 250K Users and now we have over 1000K User and the price is half...this market really makes no sense.
Crypto market does not make sense. Look at all the insane prices for other projects that does not even exist.
Yes that is what I'm saying ether way Steem for example has the most transactions and is actually have been used for the purpose it was created for. Why is the valuation still so low compared to the non existing projects?
Probably because when people are making decision on buying crypto asset, they choose dream coin (we call them shitcoin) that promises a lambo. Those projects exist only on paper, but authors are selling promises. When they see a project like Steemit that is based on STEEM, they do not like it and do not buy it. STEEM is probably overpriced but not as much as other crypto assets.
According to latest STEEM stats, only 18.2% are traded on exchanges.
This asset is not promising to its users a lambo till the end of the year and that's why nobody is running after it. So, the price sits where it is or goes down because of BTC.