I was previously watching the 60 cent to 70 cent zone in STEEM for a bottom. However, we have not seen a strong bounce off that zone, but very anemic price action. Clearly we do not have an impulse from which to base a bottom count on. So, I have to consider that we may seek the next major long term fib at 40 cents. This is the .618 retrace of all time low to all time high which is a nice five wave pattern. The alternate is the red count on the zoomed in chart which is looking for a diagonal (a 5 wave pattern that is not impulsive in structure. However, price is moving too anemically to believe strongly in that count right now.
Note, that if we bottom at 40 cents the ideal target for (i) is ~$9, where if we have bottomed already, I expect that degree to come in around ~15.
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one day steem will reach to the moon :)
15 $ Steem...common man press the button...
Steem currently =
LOL
do it bro..15$ ..I got kids to feed...
My lambo is hungry
Too cute LOL
I guess I'm in the mindset that at 40 cents, I can buy a helluva bunch a steem, particularly that it probably corresponds to my bitcoin short also hitting $4600, and I can roll that profit over. I'm happy to be wrong because I still have what's left of what I sold in December, and that's bigger than my short, but I'm greedy for every deal I can get out of a market.
that's all good as long as we can land on 15$ within 6 months... I am fine with waiting for a nice bake !!
LOL. Sorry if we hit 40 cents, $9 is more probable.
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Good optimism @wildtrader; but, realistically when you see 'whales' quietly exiting stage left, one would be hard-pressed to believe your theory.
Now, for the sake of the 'Once upon a time....to the moon!' okay, I'll play along...lol...
Of course, if it does, STEEM/SBD will go into maintenance mode on exchanges until all the air is let back out again....oh dear goodness...
Peace.
I man support and resistance to keep it in check. This is just a point in time. Price fractals do morph. But big money is not always smart money. I've seen that enough times in my 18 years. I know plenty of inexperienced big money in the crypto market that is playing the role of 'whale' but acting like a sea anemone.
Yes! Lots of money does not always equate to lots of financial sense. I'm reminded of the number of millionaire lotto winners and athletes who end up financially destitute; because, they overestimated the power of the poorly-invested dollar.
Peace.