Last couple of days is going interesting for overall cryptocurrency market. XRP saw more than 200% gain and briefly overtook ETH.
Most cryptos have seen gain from their All Time Lows (ATL) 20-30%. STEEM have seen more than 30% gain from its ATL of 67 cents at 90 cents. Congratulations to those who have bought STEEM below 75 cents.
It looks like we are entering a slow bull run, at least from the view point of current upward trend. Another observation is that BTC's swings has been flattened these days e.g. $7400-$6200. It seems that BTC has found it long term support at $6K. However, in the meantime, altcoins have crushed hard upto 70-95%. At ATL, Steem has its 92% of its value evaporated from its All Time High (ATH). Steem also came close to 0.0001 BTC which is well known support level for STEEM (i.e. last November 2017 low).
However, from my own perspective, it looks like we have seen quite an end for bear market, not 100% certain though. Bears like big BTC bear whales may try another push before ending the bear run. We have seen BTC's upward trend at $7400 crashed by fake news from JP Morgan and Bear whale's selling of 10Ks of BTC. Therefore, BTC is still in fragile ground. Therefore, a coordinated push for last pull down can happen anytime before the end of 2018.
I believe in 2019, we may see a slow upward trend from strong altcoins such as STEEM. If STEEM's biggest release- SMT can be timed with secular crypto bull run, STEEM may pass $4-6 easily. Therefore, below $1 a Steem is still a good price to chip in. I am not sure we will get another shot 70 cents for STEEM again or not. However, I picked up 2500 STEEM at 71 cents and if it goes below 70 cents, I wish to pick another 5K.
I wish my wish of 5K STEEM at 70 cents never comes true and we have seen end of STEEM's bear run.
Happy Q3 2018 crypto bull run to all Steemitians and welcome to upcoming HF20!
Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.
Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions.
Thanks for reading.
Cryptominer since 2013, occasional trader and tech blogger
