Are We in a Bull Market?
From what I can tell it's completely dependent on who you ask and what the price is doing for the day. Since everything is down I'm sure most crypto people are calling for $3k BTC again and the next day it goes up 1% those same people will probably be calling for $20k.
Source
Steem
I'm glad that Steem is once again above the 1900 Satoshi resistance. It did this back on December 19th and was able to hold above that resistance turned support finally breaking it on the 3rd day and turning it back into resistance on the 4th day.
Another thing to note is that the price of Steem was able to break the 200 MA. It bounced off the 200 MA a few times this past week and once we finally broke the 200 MA is when Steem really started to take off. I've heard that some traders use the 200 MA to predict whether we are in a bull market or bear market territory.
I think if we can continue to consolidate above the price for the next week or so I'm feeling pretty confident this may be the last time that Steem sees below 1900 Satoshi price until the next bear market and this may mark the start of the next bull market for Steem.
Bitcoin
Ever since Bitcoin has broken the sub $9k price back in September it has struggled to keep that support only breaking it once time since (similar to Steem). Very recently it has run right up to that price point and been rejected once again. Many thought if this broke it would indicate the end of the bear market.
If you notice in the picture above, the 200 MA has acted as resistance, turned support, turned resistance once again. The reason why that $9k bounce was so important was not only was it resistance, but it was approaching the 200 MA line, which if it crossed, would have marked the beginning of the Bitcoin bull market.
My Thoughts
I'm still treating this as a bear market and taking some profits on Steem pumps into Bitcoin and Ethereum. If the entire market turns bullish then it doesn't matter what you're holding everything will go up. If the market turns bearish again, I can buy some more "cheap Steem".
I think if Bitcoin continues to lose value we could bounce off the $6k price once again. I don't expect us to drop any further as I could see this being the last drop before the turn to the bull market. I think most sellers have already sold at prices below $6k so anything at or around that price will just let bulls get a little more BTC before it takes off again.
I'm not holding my breath that Steem will be able to hold support either, especially if BTC drops back down to $6k. I'm a bull at heart and really pulling for Steem to hold this support and "cool off" for a few days before it's next pump, but not sure that's how it will play out. The market still needs more strength before Steem is going to break resistance and hold support.
Bear Market It Is
TLDR - I believe we're still in a bear market (though approaching the end) and people should take care to not FOMO into projects that have already pumped as they will most likely pull back either most if not all of their gains. Trade smart and remember to take it slow. Bitcoin didn't break all-time highs overnight so just remember once we get back in a bull market there will be plenty of pullbacks to be able to buy.
It feels, smells, and tastes like a bear market so I'm going go with it. Interesting enough it seemed to have set a few fires under people to be active before the good times start rolling in again.
Wait do you mean bull or bear market?
lol I also thought he was going for bull when I started reading the comment, maybe typo.
My assumption as well.
Needed to make my twitter post for my #POSH! Please help promote twitter on Steem to help spread the word.
If the bubble in the stock market in the USSA finally breaks down, all assets, including the precious metals and crypto will fall in unison. Then it would be fun to see which alt-currency will take off after the bear market and rules changes to the money system shakes out. Choose wisely.
An alt will never rule in the near term even if we have another recession. Too much time and money have been spent in Bitcoin for it to fall that quickly.
The crypto market has always been volatile so investors should be cognizant of this reality.
You would think so, but most just FOMO in and buy the top.
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Dear @gniksivart
We may have different vision of "bull market", however where we are - I do not see it either as a bear or bull market. We're somewhere in between and it seem that markets do not know which direction should they move towards.
With current lack of regulatory framework, lack of confidence and uncertainty - I wouldn't see many investors jumping into crypto long term.
Perhaps. I would say that a lot depends on Steemit Inc. If they will deliver SMTs and HIVEs as promissed - then you will be most likely right. But what if they will fail and deliver something that will ... simply be a useless joke? A lot depends on that particular development (in my opinion).
upvoted already :)
Yours, Piotr