Hi Viewers!
Just learned that NASDAQ is looking to add bitcoin futures. This is really positive news for all cryptocurrency in 2018. It is positive for STEEM and EOS too. We want to see this on-going trend in the US to add these currencies to traditional exchanges.
Source: https://www.cnbc.com/2018/01/23/nasdaq-looking-into-bitcoin-futures-different-to-rivals-ceo.html
Bitcoin Analysis
In this phase of a market correction, it is usually unclear to me whether it is over with, or if there are more legs down. A situation like this could be a double-bottom formation, or an aggressive V bottom. If the NASDAQ news event really got to pushing the price, I could see a V-bottom being the choice here, but that news event may be far enough in the future not to affect the price over the next couple of weeks.
Just based on what I am seeing, I think BTC may still hit 50k in 2018, especially if we see the NASDAQ add it. ETF's may shortly follow now that there are multiple commodity contracts to exchange bitcoin.
Steem Analysis
Steem, in my view, is not following any prescribed technical pattern, other than it likes to make wedges of indeterminate length (not much of a help.) What I will say about the Steem chart is that it has made adequate retracement to one of the lower buying levels (23.6% level). Generally, this bottom level is a good entry point for many cryptos that are long-term successes, when they do their normal crash after a huge rally.
In other words, very very likely we see a Steem rally this year to break the recent high created. If whales keep the selling pressure on, this may only happen after SMT's get going to some degree mid to later in the year.