Could be in the 4.58 to 0.08 cent Range

I have been looking at this chart of Steem for the last 3 months and I thought we had moved from 8 cents to 2.64 dollar mark back in June 2017. Now its high likely we are in a trading range and this could be explosive if we break $4.58. I will explain.

Its a known approach by Wyckoff that the longer we trend in a range we are building base. Lets assume we are and talk about potential upside.. so if we have been building base since Steem floated an we assume the price range is between 8 cents to $4.58 then we can say the base has been accumulating or forming, from:

2016 April to 2017 December

If we assume we break the range this month like $4.58 then the upside is the horizontal length of the chart and u put this vertical. So we end up with a price of:

10 dollars.

If you look at how the trend is forming its bouncing between these numbers thus is not at new highs and its just being accumulated from a long term perspective.

Wyckoff said:
"Wyckoff notes that an uptrend starts with an accumulation phase and then enters a markup phase as prices move steadily higher. There are five possible buy points during the entire uptrend. First, aggressive players can buy on the spring or selling climax. This area offers the highest reward potential, but the risk of failure is above average because the downtrend has not yet reversed. The second buy point comes with the breakout above resistance, provided it is confirmed by expanding volume. Chartists missing the breakout buy point are sometimes given a second chance with a throwback to broken resistance, which turns into support."

qouted from "stockcharts.com

Also the chart showing accumulation also taken from "stockcharts.com" shows this:

In a future post I will explain how this works. So to answer the question why hasn't steem gone up as much as others.. Its in the accumulation phase the potential is 10 dollars which would given most average buyers at 1 to 1.5 a profit of 10x to 5x.

Patient and the rewards will be reaped.