STEEM: Time to Accumulate?

STEEM has broken the uptrend support on the daily time frame, and pulled back to the 0.618 Fibonacci Retracement level around 31,000 Satoshi. A potential Head & Shoulders is forming, which could drive STEEM prices lower. A break below 30,000 Satoshi (0.0003 STEEM/BTC) is in play.

The general crypto market is edgy currently, with ETH & BTC leading the dip in prices. Much have been speculated that the ETH dump is due to EOS team

Eos is dumping all of their coins on Bitfinex. If you look at this dump, ether is leading the way... Bitfinex was trading $30 lower than any other exchange during todays dump (to a low of $492, other exchanges didn't fall below $510). EOS started transferring their Ether to Bitfinex about 3 weeks ago. They have transferred over 1m ether so far. There is only another 200k ether left in their crowdsale wallet. The date at which they transferred their ether to Bitfinex and when we started crashing line up almost perfectly.

Once this wallet is empty the bear will likely be over. 20% of the funds remain in it. They will likely be dumped over the next few days as well. I would expect us to keep dipping for another few days before we bottom out and start heading back up again. Also, there are many users who want to get EOS for their mainnet launch. Once this occurs, ether will likely rebound hard.

You can track the wallets and transactions on this page.

As the mainnets of EOS and Tron are nearing completion, their tokens, which were once ERC20 were be swapped for their native tokens.

Looking at the chart of Ethereum, prices could drift lower to under $500, likely slowing down around $490, which is the downside target of the head and shoulders formation. This would also likely bring down altcoins.

Disclaimer:
This is my personal view. I am not a financial adviser nor affiliated to any investment advisory. Your decisions are yours and yours alone. Do not listen to hear-say. Do Your Own Research (DYOR).