Ok... falling 30% in one afternoon looks for me like a capitulation in the Alt-market... For a bear-trend to end a capitulation usually is needed... so this might be a good thing... BUT, what about Bitcoin??
Bitcoin is still holding at its support level of 6000... Bitcoin has not capitulated yet... so what will happen to the AltCoin Market, when Bitcoin capitulates?? Will we see Steem at 0.07 USD again, like many people around me, who do not believe in the cryptomarket think...
It might actually be the case, it sounds absolutely crazy, but we have so many stupid assholes, rookies and simple speculators in the market who do not understand anything about the future prospects of this kind of technology...
So people will be selling right and left for pennies, when they could sell it for 500 or a 1000 USD in a few years... they just think, that they sell for 70 and buy back ten times more for 7 cent... This is the whole logic... that they could miss the train and then be running behind it and never get back in, they do not care.
In a real capitulation, you get as well a great pullback... hopefully we do not get this time a dead-cat-bounce.
For me the thing which matters technically now, is what will happen if Bitcoin capitulates...this might get dramatic...
It could get also dramatic if the SEC Sept. 30th authorizes a Bitcoin ETF... the roller-coaster could get really impressive...
A bad thing is we will not have SMTs for at least 3 months more... to break out and be Top 10 instead of number 32... (although Steem has risen from rank 36-37th ).
Good time to let friends know about an interesting investment opportunity right now???
We will see.
Disclaimer: This is no investment advice, just my opinion.