It's an absolute blood bath out there in crypto land
Steem is tipping the scales at $.12 and might be looking for lower.
SBD is trading for $.60 with very little support in sight.
BTC is close to its $8k support and there has yet to be any kind of bounce.
If those numbers sound pretty bad, it is actually even worse for many of the other popular altcoins.
EOS is down 30%, LTC is down 20%, Ether is down 25% etc etc.
Ironically, STEEM is actually slowly climbing up the ranks on coinmarketcap right now, currently sitting at 80th from 82nd earlier today.
On days like today, the best thing you can is turn off the computer and go for a walk
Spend some time with friends.
Watch a movie.
Anything to get your mind off of what is going on in the markets.
That is if you are not planning on buying or selling anything that is.
If you have already decided you are holding, the best thing you can do on days like today is to go for a walk so that you don't make any emotionally charged decisions that you may regret later on.
(Source: https://www.shutterstock.com/video/clip-7332403-man-walking-lane-sunlight-breaking-through-trees)
Why the big drop?
Most likely the large drop was due more to technical triggers than some kind of major news event.
For example, volatility was at 9 month lows, the charts were compressed, and stop losses were sitting just below and above the current prices.
All it took was a little selling to trigger the stop losses, and then whoosh, a massive drop, which triggered more stop losses, and caused more selling etc etc.
It feeds and builds on itself until we reach a point where enough buy orders are set up to absorb the selling.
Prices will likely come back eventually so it's best to not get too emotional in times like this.
This isn't financial advice, it's emotional advice.
Stay informed my friends.
Image Source:
-Doc
Days like today make me want to be on Steem MORE! I mean think about it.. any STEEM earned during this down time will be at a cheaper price... However, regardless of the price I have mentioned how the price means nothing to me, because I can still play Splinterlands, make posts, comment with other people in the community and read great posts! None of this is really affected by the price of STEEM. We are a community and a blockchain social network, and I think it is more important to create great content and make connections with other awesome people in the community. If anyone needs any ideas check my post I made today Ideas for new content on Steem! where I talk about all kinds of new stuff we can bring to #NewSteem!
Yes of course, the point is to not check the price and fret about it. :)
Right on!! Always be positive and focus on the good 🤘😁
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Exactly! I feel very blessed to be here and making content in the crypto space and sharing it with you cool steemonians. I love having somewhere to post fun and engaging content on a platform where I feel part of something I’m proud of and where I feel I am valued. I see beyond the price and will buy more Steem on these lucky red days as I’m here for the long haul 😁👍🏼
And us equity market even with all the negative news is still strong. It skid today but its still near all time high!!! May be calm before the storm. If equities tank would it impact crypto's even negatively? For sure bitcoin is not acting like a safe haven!!!
Easy money goes into stocks first, crypto last. Most likely we will see stocks make new highs before we see bitcoin make new highs. At least those are the views of Tom Lee and shared by me. Stocks are taking it on the chin pretty hard as well today by the way.
That will be a strong support to break through at 10K, but it could just be another dip that's bought up back above the support.
Either way like you said it's a day to just sit back and see what the market decides. Best not to try and catch a falling knife.
Agreed. I still think we make new highs on bitcoin by May of 2020. Dips like this are buying opportunities in my opinion, if you are not out walking that is. :)
I would rather go into the woods and scream...How is this possible when there is value in some of the projects, how they can go down on drains in a second like this...? Still cannot believe this, total discouraging...
Yep, this is why a good walk helps. There is a lot going on here, more than most chains, if value is going to come back to crypto, steem stands a good chance of realizing it.
Indeed... let’s just take a look from further away and spend some time on ourselves.
This is a tough day.
Yep, let the dust settle for a bit before we start to check the price again. I would not be shocked if today ended up being the lows for the rest of the year to be honest. Washouts like this often get rid of all those that were looking to sell, the weak hands.
On days like this I wish it wasn't raining outside and I wouldn't be at work trying to fix bugs.
Haha, where I live, we pray for the rain.
Raining is not always bad, it's when it is both raining and stormy. It's not fun when umbrella wants to go helicopter.
Yep, that is the worst. It's not fun when you have to be out in the rain for work. It's fun when you can stay home and watch it out the window in comfy clothes. :)
I used to work outdoors in weathers where even radios didn't work... I'm glad that nowadays I can work indoors even if that means I have to sit in a chair for many hours...
I might buy a little tomorrow to increase my position.
Posted using Partiko Android
The same dollars are buying you a heck of a lot more steem as time goes on...
In any normal financial market, investors would commit suicide en masse right now. But hey, it's crypto land. It's a rollercoaster. Yes, losses are huge, but for all we know, BTC rises to unknowable heights in just 90 days.
The thing that frustrates me most is that everything is still tied to Bitcoin. Good projects, bad projects, it doesn't matter. When Bitcoin goes down, everything goes down. Everything will change if this is no longer the case. I really wonder when that will happen?
Very good points. I too thought that correlation would break long ago. The fact that it still hasn't yet kinda makes me think it may last for a long time. I think as long as the majority of exchanges prices coins in terms of BTC, this correlation will exist.
That's indeed a key factor.
Dip shouldn't last long. Put money where mouths are!
I bought a few more, though I am mostly fully loaded with what I want to purchase at this point.
Why though?
If by now you arent aware of the possibility of steem going to 7 cents and its all time low then this is not the game for you.
Speculators will be the shitheads they are but even they cant control the market indefinetly. As long as you have a strong core of people that believe in a project then you cant fail.
Once we hit the lowest of lows big investors will bend over backwards to keep steem afloat.
Im not scared for a second. Give us the lows, i dont care.
That is the hope. With a market cap of only $40 million now, we are getting to the point where people will start to step in which should help provide some support in steem compared to others on the way down.
(@^@)
I went for a hike this morning with friends to clear my mind. Price is negligible at this point after already being down SO much. The Satoshi value is what is most concerning for altcoins in my opinion... Most will never recover.
Probably not. I disagree with the satoshi value being most concerning though. If bitcoin were to go to $100k, and steem went to $2, I'd be pretty happy, even if it didn't gain on bitcoin at all. Though if it were to keep losing ground... well that's another story and one that may be more likely unless we can onboard a lot more users.
What I did is buy some little more steem token and power up.