When is it a good time to buy Steem?
What to look at before you even think of buying?
I never look at prices, I simply look at retracements of a recent run up. Also look at the larger time frame, I try not to look at the hourly or 15 minutes for something like Steem, because Steem is a coin you hold for the long term and you use it right here on this platform.
What tools am I using?
- Fibonacci
- 13 EMA (Exponential Moving Average)
- Ichimoku Cloud
- Trend lines
Using Technical Analysis on the Steem chart
By putting on some TA (Technical Analysis) on the Steem chart I find my entry in Steem and that is around the .786 Fibonacci level of the last run up of Steem, you might ask why you aiming so low at the .786 fib and that is because we are dumping overall in crypto right now so try to get as low of a entry as possible. I call the zone in between the .618 and .786 the safe Green zone, the zone that if you buy there most likely you will go back up from there. On top of that the .786 and the trend lines collide so that is nice confluence in the market.
Screenshot of the 6 Hour chart.
Remember: patience is a virtue and it will get you the best entries.