The BTC triangle is getting squeezed real tight into an eye watering sub-$200 range. And given the close correlation that Bitcoin price movement shares with Steem, I noticed something very interesting a few days back that may give us some indication of where things are headed in the near term...
Here, I'm looking at the Steem / US Dollar pairing. We've been in a sustained bear run since about mid-July and haven't looked for the most part. Except in the last week or so. For the first time in several months, it looks like we're slowly changing direction. I remember back when the price was around 7-10 cents or thereabouts, I also identified patterns of a similar nature. So, just to make everybody aware, we are seeing the exact same signs of an impending reversal to the upside. And history has showed us how "that" turned out. Very positive indeed, I'm sure you'll agree...
The three blue circles at the left on the image show this. I understand that momentum is not too strong at this point, but neither was it in February last year before we had the massive shift in price. Plus you don't want big swings at this point unless you're already all set for the rocket ship to take off. And once we've surpassed a dollar, your seat belts better be fastened good and proper. So, I guess the main reason for this post is to recommend scooping up some Steem at these levels. If the past is anything to go by. Price action in general tends to employ the "butterfly" effect, in that small seemingly inconsequential movements can lead to absolute chaos soon after. And for us, it could mean huge price spikes for Steem. Of course, never go "all" in but slapping some skin in the game would be advisable.
As always, only invest what you can afford to but I feel this heads up could prove significant in regards to those wishing to expand on their Steem holdings for the future. Another thing that will also be interesting to watch is how the BTC chart responds as theoretically anyways, Bitcoin should move higher too. A new month and renewed hope for the highly anticipated crypto turnaround we've all been waiting for. Therefore, It's imperative to not ignore these early signs "if" you're of the investment mindset. November could prove a phenomenal month if what I foresee comes to fruition.
As always, the very best of luck to you all and grab those opportunities before they're gone... :)
