With the collapse of the bitcoin market today i find myself wondering where steem goes tomorrow.
At a quick glance of the 15 minute candles chart I see that steem appears to be in a bearish reverse triangle. It will likely continue to bounce off the walls off the triangle hitting resistance and reversing as it gets narrower until eventually it breaks out either the top or the bottom at which point it should shoot that direction rapidly. What it actually does is anybodies guess in this market but i will be watching the walls of triangle and at this point i expect the breakout is most likely heading south again but steem like all alts is fairly tied to bitcoin and depending on what bitcoin does tomorrow steem will likely follow.
That's some fairly wild and unusual ichimoku activity. Currently the bollinger is hanging out the bottom of the triangle which to me increases the odds that the price may fall through the bottom.
Legal Disclaimer: This is only my opinion. It means it's not advice, neither is it a recommendation to either buy or sell anything. It's only meant for use as informative or entertainment purposes.
I just joined steemit, so I'm not too familiar with the price of steem, but I would imagine that it will be dragged along with the rest of the market in the temporary bloodbath.
Hopefully steem rides it out, but this also creates a opportunity for it to grow if it does fall through as more people jump on it at a lower price.
Hold Fast! We're gonna make it boys!
and girls ;-)
What i have learnt from cryptocurrency world so far is being patient. Wait till all goes down and buy trusted projects' alts. This always works.