I traded currencies for seven years, mainly based off patterns. This is my take on the price action.
You'll notice Steem is testing the low of it's trading range. This is coming off the back of testing the trading range high previously, then filtering down to test the low (now). Should be interesting to see what happens. It is unlikely to see a sustained breakout lower. If other currencies bounce back from this recent sell off, then it is likely to see a strong break to the upside. Without some sort of catalyst though, price is likely to flutter back to the middle of the trading zone...reverting to it's mean. Just some quick trading info for anyone interested!
Steem is definitely staying in my portfolio for the foreseeable future.
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I agree. I stayed powered up all the time!...for all of the two weeks Ive been on here.
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Useful info.... Thanks for sharing
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keep in mind that all cryptos are on the RED!! this selloff could very likely continue down. I would expect a 2nd move down before jumping back in.
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Its kinda weird speaking in terms of "if" scenarios. Cryptos are definitely selling off. I assume this is just the standard reaction to such a large burst in price over the past week...they do seem to be retracing a little too far for comfort. But yes, it could definitely continue down..it could tighten into a smaller trading range as prices bounce around. It might do a quick turn and take out all those stop orders sitting just above the most recent push down...and it could follow through to take all the "breakout" orders to the buyside after that....who knows!!! Thats the issue with trading based off many variables at once!
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Buy cheap as long as you can!!
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I have known about Steem since Aug and became a member in Dec.
I am just getting started, testing the waters and learning, but one thing is for sure: STEEMIT will be the biggest thing in uncensored multi-media THROUGHOUT the WORLD. I aslo think this will happen sooner than later because of all the Communist rules/regluations being put in place by ALL the SWAMP CREATURES!!!!
Lets ALL join TOGETHER and make STEEMIT number one and show the SWAMP CREATURES what REAL "PEOPLE POWER" can ACHIEVE.
Domi
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i agree. with the mass amounts of censorship and algo manipulation in those social platforms, steem is positioning itself as a true contender to compete with youtube and facebook. Way loooong on STEEMIT!!
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