The downtrend on the daily chart for Steem remains intact. However, Steem may be close to retesting that trend-line. I am personally waiting for an entry point at either a lower level or after confirmation of a trend reversal.
Here's a look at the downtrend on the daily chart:
Here's a look at the downtrend on the hourly chart:
Medium- to long-term I remain extremely bullish, (particularly on Steem but also on Bitcoin.) Short term, I am concerned a downtrend in the broader crypto market may drag Steem down, and I think this is currently an event which is being underestimated in likelihood in the community. I'll add a reference on that note towards the end of this post.
Bitcoin appears to have punched above the downtrend line, but it is early to call it broken. I am concerned about the sequence of lower highs and lower lows. You may also notice the order book remains significantly deeper on the sell side (at least at GDAX):
Here is @Crypt0 presenting the case for a broader crypto pullback with very clear visual aids. Those who have been around for several Bitcoin run-ups and crashes will reluctantly find it difficult to argue with his logic, particularly here:
Here is a link to the video segment covering this possibility:
Sources: My charts + @Crypt0's chart/video. Please check out his channel and blog!
Note: This is not investment advice and I am not an investment adviser. This is merely unbacked speculation.
I bought into Steem around a dollar. Ready to Hold all the way back down if necessary. Earning and Buying until the very last weak hand lets go. Most Steem will end up in the hands of the strongest and most fearless individuals in crypto.
I think there's great value in holding Steem. I only hope to find a good near-term price, so I can add to my position in Steem power.
Great information, followed, upvoted & resteemed, thank you for sharing!
Thank you!
Great article. Investing in steem is wise
Thank you, I agree! It has a ton of utility if you are active on Steemit.
It is a great post with good information.. thanks for sharing it... keep it up!!!
nice post and good information ,,, you have good blog , Good luck. Comrade
Im waiting and holding for entries into DASH and LTC. I literally sold a few hours before a massive spike on both coins lol talent I suppose
Sounds like you did well!
Congratulations @lexiconical! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
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I'll take a look! Thanks.