By now means am I saying I think this will happen, but technically the possibility is there. What exactly is it I'm speaking of....
Higher Highs and Higher Lows
In order to have an uptrend price needs to make higher highs followed by a higher low and then a higher high. (say that three times fast).
Looking at the daily price chart of steem you see we had our last high (which marked the bearish u-turn I called out) and the subsequent selloff to where we are now.
Price has started to turn a little here and if we see any follow through higher it will mark a lower, a low that is higher than the previous one after we just had a higher that was above its predecessor.
So hypothetically, if this new low that is starting to carve out were to in fact push higher toward that 40 cent level then we would have a shot at taking out that last higher and have the beginnings of an uptrend.
It sort of sounds like a reach with all that explaining, but it really isn't.
Now do I think it will happen - meh, it will be tough if the rest of the crypto market isn't showing any life so I won't hold my breath. But I sure do hope it happens!
Published by ScaredyCatGuide
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It probably won't happen... BTC is doing Lower lows without any sign of reversal, I'm actually expecting it to go down for another leg, this probably isn't the bottom, and if BTC dumps we will go right with it!
I guess it depends on bitcoin first! However, this could be a great base to grow upon and Steem has already demonstrated its ability to decouple from bitcoin.
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Fingers crossed! ;-)
That is an optimistic scenario. Unfortunately, bitcoin looks like it might drag downtime entire market. Still, as you said, “fingers crossed”!