Hate to tell you this, but it looks like it is gonna get ugly again for STEEM. I see STEEM in the midst of a final C wave down. And all of this while a strong upmove in BTC is happening.
Why is that, you may ask? It is, because STEEM and BTC have two completely different wave counts. It is, because in BTC the correction is already over, but STEEM has not completed the corrective pattern. No new buyers rushing in, because they anticipate STEEM to be lower soon. It is never a good sign if a currency remains at one price level too long. Steem stayed between 1.20 and 1.40 wayyyy to long and now it's going down.
This is my wave count - currently wave 3 of C is happening
I see it as a buying opportunity, probably the last time STEEM will be trading be this low.
If you think this to be useful information:
DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way i see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post.
If you make any trades after reading this post it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
Tell me what you think...
Have a nice day :-)