A Couple More Months Of The Bear: Buying STEEM?

This is not financial advice, this is only my opinion. Do your own due diligence before investing in anything.

So when will be bear go into hibernation?

This is a question that everyone has been asking for a number of months. We now are getting some clarity.

While nothing is guaranteed, we should see the end of this run towards the end of February. Why that date?

The SEC recently announced they delayed the decision regarding the VanEck Bitcoin ETF. This means they have to make a decision on February 27, 2019.

https://bitcoinexchangeguide.com/the-first-bitcoin-etf-approval-by-the-sec-looks-promising-by-february-2019/

Approval of an ETF is what many believe will pave the way for the next bull run. An instrument like this makes it easy for the masses, including institutions, to trade in cryptocurrency. At this time, we still see a link between Bitcoin and the alt-coins. Hence, a run in Bitcoin will, most likely, mean a surge in the alt-coins.

When I heard abut this I was reminded of Brian Kelly, one of the traders on CNBC's Fast Money. Unlike the rest of that network, this guy is optimistic about crypto and in favor of decentralization. He is a Wall Street guy so he gets both sides of the fence.

I was reminded of what he said back in July or August on one of the episodes. He stated that he felt the ETF approval was not going to come until February 2019 (appears he was right) and that will be the start of another bull run.

Now, I do not know how long it will take for the ETF to be set up after approval. Even if it is a couple months, we should see some upward move in the price. Once it goes live, there could be a massive surge of pent up buying.

Before that time, we could see some more downside. The FUD has not ended yet and the manipulation of these markets continue.

For this reason, I have my price targets to buy STEEM in order. I am comfortable buying on the way down and I will continue to do so. We are about 25 cents right now and my next buy level is 20 cents. After that I will look for another level closer to 10 cents.

To me, this is a great opportunity to load up on STEEM and power up my account. Since my long term view is optimistic regarding this blockchain, I feel confident that, at some point, the price of STEEM will be much higher than these levels. In the meantime, the extra SP increases my value as a stakeholder in this ecosystem.

In watching the charts put out each day by Hive account@arcange, it appears that the Orcas are taking full advantage of the price drop. They were up significantly in November and that is continuing into December. The question is are these people the smart money or the dumb ones? My view is they probably have a pretty good grasp on what is taking place on here.

The old saying is "buy when there is blood on the streets".

It appears we have that.

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