As I said in my post, when STEEM had risen by 60%, I said that it is likely STEEM would rise a lot more than that, before inevitably dumping due to an over supply, with no corresponding demand.
Well, my fractal played out perfectly.
That same day(within 8 or so hours),STEEM's price rose to a record 210%, quadrupling most investors money.
I actually had my money doubled once, and then got 40% on the other trade, and get this, I was a late comer to the pump.
Well, that pump is well beyond us now. STEEM has lost 34% of its value today, and it's only going to get worse by 4pm London time.
Just look at this grind downwards
The price is making lower lows, and doesn't seem to want to stop.
And it's only going to get worse further down today, because of one reason: The fork.
You see, many people only bought STEEM because they wanted to get free Hive. Unfortunately, even though I'm quite averse to this kind of investing, I actually partook big time in it, and I have made quite the amount. I'm currently holding STEEM in hopes of receiving my Hive tokens, and when I do, I'm going to be selling my STEEM immediately.
And many other people are thinking this way.
Buying STEEM right now is a terrible gamble. No one wants to own STEEM because there's a newer better version around. And it's possible that Justin Sun might dump his soon to be valueless STEEM tokens on us(he has proven to not believe in anything good at this point in STEEM's life, so I won't doubt it)
Once everyone hits the market with their STEEM tokens, and they're trying to sell it, but no one is trying to buy,(because why would they)then there would be an accumulation of sellers in the market.
And you know what happens when sellers outnumber buyers. Yes. The price falls like a rock.
Now, I'm no financial expert, but I believe it's best that if you have any STEEM tokens after the fork, that you sell those tokens at market price, because the dump would be pretty bloody.
And it's quite unlikely that trading volume on STEEM would rise or even remain the same, because everyone would want to own and trade this freshly minted token.
The dump is coming guys. Keep your eyes peeled.
