This is probably the most exciting time, from a positive as well as negative perspective. Its the shift in the communication of value, where now the Bitcoin and Alcoins will play a massive role.
In this post I’ll present multiplel charts, BTC, STEEM as well as GOLD in order to show the bigger picture of what is currently happening and what I’d expect another crypto boom to be just around the corner. To add, this could be the last time, last opportunity to get in at such cheap prices!
To get started, this is the chart of the STEEM VS USD, and its clear that the price is at the level of demand, a very strong support level, confirmed by the huge trading volume occured at that price two and a half years ago.
Now here is the STEEM VS BITCOIN, which shows that price is declining although it continues to reject the downtrend trendline, which could indicate that price is either at the very bottom or very close to it.
Here STEEM / USD has approached the bottom of the uptren trendline, and untill now the price is holding above, as weekly close remains above the trendline. In this scenario (which is quite pecimistic) STEEM price might potentially rise towards the previous high near $10, and if reaches the upper trendline of the ascending channel, it could reach $33 in a not so distant future… but I don’t it’ll stop there.
The STEEM VS BTC chart also looks quite optimistic, although there is a change that STEEM will significantly outperform the BITCOIN, it would not be for a very long. But the opportunity to earn Bitcoins with STEEM is there, right now.
Now why woud STEEM outperform the BITCOIN? Well lets look at the chart below. The Bitcoin Dominance chart shows BTC has reache over 70% dominance over all other altcoins, leaving alts very very undervalued. At the same time BTC.D has rejected the Fibonacci level, upper trendline of the ascending channel and finally and most importantly, it has rejected the 200 Moving Average on a Weekly chart.
This could mean that money will now start moving from BTC towards altcoins. And I think STEEM has the potential to get a nice chunk of this capital, because it has a working product and it takes a very important niche in the Social Media… not to mention that its the first of its’ kind.
Finally, I’d like to bring your attention towards the price action of GOLD. Recently, under heavy volume, it broke above very important resitance (triangle), which should invite more institutional buying power. This should potentially bring price GOLD up to a phsycologial level at $10,000!
But why would I expect altcoins to boom? What I have just explained, is to drive your attention towards a global picture and world economy as such. I am not going to dive deep into that, you can do it yourself if you realy interested.
But people are slowly moving towards the crypto money and institutions are on its’ way. Next financial crisys could be here much sooner than we all expect and it could be much worth that the one we had in 2008. This would trigger a huge move wave of capital to move in crypto currencies as well as gold.
Both, BITCOIN and GOLD are showing very positive tendency and this bothers me a lot. This realy shows that the financial crysis is beginning right now and if you want to save your purchasing power and perhaps earn some profit, its time for alts, crypto and bitcoin.
Having a bit of every asset mentioned above, could be a great advantatge and strong diversification in the unknown future.