I'm not optimistic about the prior level being the low. It looked like it was going to hit seriously low. Like it was going to go all the way back to where it was before the spike. This return makes me feel like it's just a slight spike back upwards before going lower. But, part of me hopes I'm wrong...that it's all over...finally...while another part hopes it's gonna go lower, and I manage to buy some Steem at that super low point.
I also worry about what the usual downtrend of the new year is going to do when we are this low this late in the year. Perhaps we'll start to recover, then it will dip at that point, and keep going back up.
I don't think the Chinese New Year and other seasonal issues will have nearly as much affect his year. I actually think some of the selling we are seeing end of this year is tax related selling, ie locking in losses to offset gains in other places. Then they buy back in start of new year. If my theory is correct we could see a nice rally from now and into the first few weeks of January.
Yeah, that could definitely play a role. I'm not sure how many would have left it to the last minute to lock in losses though. More than likely that was spread out throughout the year.
Mostly funds do things like that near the end of the year, and they tend to be the ones that move the markets.