Steem - Could STEEM follow the pattern of BTS to new all time highs?
We've seen this pattern before...
I stumbled across something that looks very interesting as it relates to steem, bitshares, and new all time highs...
Basically, steem has close to the exact same setup that bitshares had prior to its parabolic run to new all time highs in late 2017 and early 2018.
(Yes yes I know, everything made new all time highs in early 2018, but ignore that for one second)
(Source: https://twitter.com/moonshilla/status/1228065584652443656)
What is this pattern you may be wondering?
Well, steem has retraced 99% from its all time high...
It has been in a bear market for roughly 1300 days...
Now we are starting to break out above that bear market down trend line...
The same ingredients we saw with bitshares before it went parabolic...
(Source: https://twitter.com/moonshilla/status/1228065584652443656)
A parabolic moon shot, followed by 1300 days of bear, followed by another moon shot that went even higher...
Will history actually repeat here with STEEM?
Honestly, probably not, at least not like we saw with that bitshares chart.
What we saw back in late 2017 and early 2018 may never happen again in my opinion.
There was a lot of price manipulation and pump and dumps going on as well as possibly major manipulation via tether. It is currently much harder to pull those types of things off in today's markets.
However, that doesn't mean that I am saying steem will never reach new highs again, I am just saying it just might not happen like that chart of bitshares implies.
Although, with Justin Sun now involved, who knows! :)
Stay informed my friends.
-Doc
Everything is possible.
It would be amazing if steem pulls new all time highs :)
Anything is possible. I’d love a more steady sustainable run vs a parabolic pump and dump.
Posted using Partiko iOS
@jrcornel, Already it looks like Steem is going through from the Surprising Season so we never know which Surprise 😲 is waiting ahead. Stay blessed.
Posted using Partiko Android
Steem reaching its ATH really isnt that much. It probably wouldnt even put us in the top 10 cryptos right now.
I sure hope it does. At one point I thought I might be going down with the ship here. It would be some nice redemption if we went to ATH once again. I still think that given the right circumstances we could see $50 or even more depending on how successful some of the non-social-media aspects of Steem are. That is, if Tron doesn't squash the whole thing out first.
I still remember the events in January 2018... Basically there was so much transfers that first BTC network stalled and then ETH followed... If we want that to happen again, we need some coin to have so much buy pressure that a lot of people want to push coins to exchanges. Eventually withdrawal fees for BTC and ETH on exchanges go up so high that people only withdraw altcoins.
Lets start with reaching 1 dollar. I think that will be the most difficult part.
I wouldn't mind BTS turning bullish again. ;)
Posted via Steemleo