Steem Nearing a (Temporary?) Bottom
It's been a crazy fast run downwards for Steem. But I think some kind of support will be forming soon, if not already. I've always seen the 34-36 cent level as being quite a sturdy. In the past, it has proved to hold some substantial validity so let's see if the same applies now. Though, from past experience in trading, I've come to realise supports and resistance just don't die out. They'll resurface, sometimes way in the future, to bite back on unwary traders or investors. Oh yeah, the time looks about ready for a nice bounce.
And to show how much I think that's the case, I went and bought up a little more Steem earlier today, which got powered up straight after. These prices are nothing but a gift, as far as I'm concerned. Those who thought of Steem as too costly in the past, now have a chance to buy in big and fast track themselves to becoming strong minnows, dolphins or more! So I welcome this current price as I'm sure that the reversal will be swift and violent once the turnaround takes place.
I've been banging on about the "pockets of power" theory for ages now. The developers ultimate vision of what the Steem blockchain "should" look like. Almost everyone complains about the distribution model being so very unfairly skewed. Well, I guarantee you that when we head back up, that overall situation will be addressed to some degree, at least. And the longer price remains low, the more time folks who actually "believe" in this platform, will have to invest and "power up" their influence stake. And I can't wait for that to happen as we're all in this together. Competition doesn't even exist in this space.
Therefore, the plan is this. I'm buying more as price continues to drop. I said at the beginning of the post that I reckon we'll see a bounce. And I'm sticking with that premise. But we don't know if it'll be a pullback to the overall downtrend or the beginning of the inevitable upmove. Nobody can predict that. But as long as you have your strategy in place and stick to it, like I have been doing, emotions and fear will never rear their ugly head to mess things up for you. There's a huge bull run on it's way, make no mistake about it. And you sure don't wanna miss out when it arrives.
Invest or HODL. It's as simple as that. :)
Well it hit the 30 cents mark just as I thought and I continue to see this as a good opportunity to buy in, the longer this goes on for the more levelled Steem will be when it goes back up and its also something I wanted to see, I think bitcoin could still fall further @ezzy dont you think?
Yeah, I agree. We're fast running out of space to the downside and the spring is tightly coiled. I still stand by my belief that we're bottoming out pretty soon and in the next day of two, will get a reversal of some sort. It's just a question of time now. Incredible buying levels presented here.
Nice post and I've decided to find 500 steem very soon!
Sounds good to me... :)
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I think Steem is near of bottom. I powered up today. You can read my post about it @ezzy
https://busy.org/@chorock/i-powered-up-6-700-sp-today
Awesome to hear, man! :)
All of the star content Creator are saying same thing; buying,holding... which I also believe in.
But those who are selling it personally, does not they create a OFFLINE high priced market?
It look like it was flattening off a bit. I bought again at 33c there since the prices are so good. It would be a shame not to take advantage.
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Good move. Although it's dipping a bit, let's see if it manages to bounce back. Still, I'm buying all the way down. :)
If it drops to 20c I'll go again. If it drops to 10c I'll buy a lot.
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I think I've commented something similar pretty often on your posts before, but it bears repeating—if you're not mortgaging your house or your future on it, it's not a bad idea. Crypto is a pretty bad investment, but a pretty good gamble.
Temporary. Probably for like 1-2 years :P
I estimate that bitcoin will go down to $2000 and STEEM to 10 cent.
Unfortunately, we are at the mercy of bitcoin price action so we will follow it wherever ot goes which still seems to be lower. However, your approach is great as we should continue to scale in to take advantage of the opportunity it brings us as Steem stakeholders.
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