Decision decision time
24 hours in Cryptocurrencies is already like the stock market trading for an entire year. Here is the chart that everyone should pay attention to if they want to decide what they're going to do.
BITCOIN Is now showing signs of stabilizing at the $11000 level, which also corresponding roughly to the 0.618 Fibonacci level. If this had been a stock, I would have been all-in at this level since we know for a fact there is an invisible hand (Plunge-Protection-Team) protecting this level at all cost. Given this is BITCOIN, you really need to use your discipline. Don't buy all at once. Scale in PLEASE. The next support would be 8581 followed by 5566.
Implication for ALT-COIN including STEEM
As I've explained in my earlier post, STEEM is really different since it offers CASH FLOW in the form of curation and publication SBD and SP, that will cushion any severe price drop if this correction in Cryptocurrencies have yet to run its course.
As Owner of lots of Steem Power (SP)
It is never wise to put all your eggs in one basket. As we approach this level, it maybe wise to loan out some of your SP in return for STEEM. You can then liquidate the STEEM for cash in the hope of buying back at a lower level. Or, what better way to capitalize on it by earning extra STEEM during the correction.
As Newbie on the Platform
It's actually beneficial for newbie to come on the platform during a market correction since it will make purchasing SP cheaper. SP is what counts in this platform initially. And I also believe leasing SP would also not be as expensive.
- First support should be at $3.6
- Second support would be at $2.56
What if it goes all the way to $1.00? That would be like godsends to Newbies to quickly build up their SP.
Sidenote: If anyone is willing to loan out SP, feel free to check out my offer here in minnowbooster