Another tough day in cryptolandia. We got bad news about the SEC cracking down on exchanges. Then about the Japense gov issuing warnings to some of their exchanges. Then the guy from Mt. Gox sold $400 MILLION worth of Bitcoin. It seems that the "bad" news keeps coming.
Looking at the BTCUSD chart, I would expect the Bitcoin price will continue downward and retest the $6800 range (per the Bitfinex chart below).
If 2017 was the year of the boom, 2018 may very well be the year that people invest smarter and we see a "flight to quality". That means that people will sell the risky, unproven cryptocurrencies in favor of the proven projects.
One of these proven, working projects is Steem. We have an amazing community, a token that has REAL purpose and use-cases and a website that is in the Top 1000 most popular websites in the world. I think that Steem will have a great year, altho some of these other projects may not...especially some of the ERC-20 projects.
While I hardly ever post any Technical Analysis or charts, I wanted to share this one of the STEEM/USD chart. You can see that we are squarely on a support level and I've indicated a few previous touch points. I expect this zone to hold and is a great buying opportunity here. Remember that round numbers are also a favorite target for traders and Steem could easily retest $2.
So when you see your Steem account value go down and down, just remember that 2018 is the year where the good, proven projects will rise to the top and that Steem is definitely one of those projects.
What other crypto/blockchain projects do you believe are strong and will survive? Why or why not?
Leave your feedback in the comments!
In Liberty,
Ashe
