COMMENT
It seems we are still in the accumulation area with some more downside risk. Although the downwards potential at the moment doesn't look so strong to me it is definitely there and should not be ignored.
I would probably expect the price to start backing up within the accumulation area tomorrow and still think this is gonna prove a decent buy level in the future, but I warn again there is downside potential and we might see a drop into lower price areas for more accumulation.
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I see it as foolish to buy anywhere outside of the yellow boxes in the below chart, except maybe the AB = CD harmonic pattern completion (shown in the chart below), as there is absolutely no daily candle support outside of those zones:
that's where I kinda see the ultimate bottom as well, but i'm buying and trading some along the way incase of a sudden trend turn, this is still crypto
Thank you Oz, I am commenting to say that Yes, your charts are helpful as I am trying to decide if and when to purchase Steem. I not only am going to follow you, but I have added you to bookmarks on my browser tab.
wow! thanks! dunno what to say! I feel honored!
It is a thin red line indeed ozmaster. Lets see if support holds on this triple bottom.
I think we also must not ignore the fundamentals. Steem has been losing activity lately, few new sign up and few transaction, post and votes.
Currently steem has about 300% increase in its supply, so for steem to stay stable or increase in value we need growth.
At this time it seems that we have a bit of a retention problem, which might not allow for an increase in price.
By the way you can check these thing on steemle.com
thanks for the link! didn't know bout it!
Good point.
There was as high as 4% growth in total user accounts on back to back days just over a week ago (Saturday, 8/13 and Sunday, 8/14) and less than 1% growth on both of the last two days. That's a big difference for just one week.
Solid informative analysis as always. My view of the current price action is the same. I'm still looking at a broader landscape using the daily. After the first bear flag pattern we are now consolidating and am waiting to see if we break this low confirming another bear flag.
I'll be buying if we make that next leg down. Can't buy now as I'm waiting for funds to pull into my coinbase so I can move the into steem. Maybe it'll work out to my advantage, fingers crossed.
Long-term, yes. If you believe in your guts that Steem is going to be the next heavyweight social network - if you believe that STEEM crypto is the buy of a lifetime - today's market offers good prices to "leg in."