As we wrote about btc and steem prices about 2 weeks ago regarding retracements and when it would go back to normal perceivable prices again was spot on I hope that it made some if not most of my followers some amazing profits. Some of my followers were asking why I don't post updates every single day. Well here's what I have to say to them, I might not post daily updates just like everybody else because I don't want to post updates just for the sake of posting updates and raising my steemit reputation and getting a few cents if there are upvotes at all. I make sure that if and when I post something it is of substance and there is something my followers can take out of it and if they upvote it then yay if not then it's ok, if they followed me then yay I get to help more people if not then thats fine not my loss.
I bring you the price forecasts without any fancy charts and lines and without fancy trader jargons that tends to confuse most newbie traders. What you will get here are just prices to watch out for and the tell tale signs of when to go in or stay out of the market. So here we go as best as i can plainly explain it.
Today we will be talking about our price forecast for steem and btc for the coming days and weeks ahead of its price movements based on my fundamental and technical analysis of currently available data. first off,
STEEM
couple of weeks back we saw the retrace activity of steem almost close to 0.0003000/btc.
As I have anticipated, it tested the support line and succeeded in breaking the support hence the plunge to almost 0.0003000
before trying to go back to what it knows to be normal pricing.
Now, today as i can see that it tested the resistance line of 0.0006680 and bounced back down. It might go down to 0.00047000 before making another try at the resistance of 0.0006680 and when it succeeds breaking that top line it might go for the next resistance which is 0.0007735 and after that well we need to do another analysis. But for now everything is looking like a bullish (uptrend)market once again and looks ripe for the picking.
So if you are asking when to go in and buy and when to dump and sell. Well, if it was me I'd wait for it to get as close to 0.0004700 before buying then sell off as close to 0.0006680 before it tries to do a small retrace. The risk is if I sell at 0.0006680 and it breaks resistance and decides to go for 0.0007700 then I lose out on a lot of profit but if I don't sell at 0.0006680 hoping that it would break resistance but suddenly dives and then I lose yet again some profit.
The ideal scenario would be is to sell half my steem at 0.0006680 making sure to lock in what profits I already have and hope that it breaks resistance and gives me more profits, if it doesn't then I would have already got my profit from that previous swing and will just have to wait for the next ideal situation to sell of my next batch of steem.
But thats just me, I'll leave that to you whether you want to go with my strategy or come up with your own. Either way you have the prices to look out for so you know when and where to make a move.
Down the line I would advise not to sell off all your steem as I see a major uptrend in the coming months that would take steem prices beyond your wildest imaginations. If you must ask about what the price would be, I'd say it might be as close or over to 10% of btc.
Next BTC
We saw bitcoin dove to almost below the $2000 mark on some exchanges 2 weeks ago based on our price forecast before going back up again. It is now aiming for the $3500 mark and I don't see any significant factors that might hinder its ascend to that price mark. After its achieved the $3500 mark it might decide to retrace a little go go back down to as far as $900 retrace from the $3500 price. Then after that move It might even go for the $5k mark then $10k and $25k respectively. Keeping in mind the 10% value/btc that steem might achieved in conjunction with what the btc is achieving.
At the end of the day I'm just another regular guy same as any other guy in the street just trying to analyze whats happening with the crypto market. What you do with you money/crypto is entirely up to you I just provide the data and some tell tale signs that I look out for in the hopes that it might help another person make huge profits and put dinner on the table for his family.
If you find this helpful or profited from it please leave a comment below and upvote so I also get paid a little :) not even asking for btc donations.
It goes without saying, the currency especially the crypto market are highly volatile and can move up or down before you can even blink so always trade with caution and don't put all your eggs in one basket always leave some for the rainy day.
Next article we will be looking at 2 other crypto currencies which might get us even bigger profits depending on how much you invest so stay glued in and might even want to hit that follow button if you don't want to miss out on even bigger profits.
More to come....