Disclaimer: This post is not meant to be a recommendation to buy or sell any financial instrument. Do not invest money you cannot afford to lose. Always do your own research. This is my opinion.
STEEM has been pulling back in the past couple of days, but has been bouncing at the "PATHWR" (Previous ATH Wick Range, an acronym I made up). The PATHWR is defined as a range that starts with the previous ATH close price and extends up to the previous ATH. BTW, I'm looking at a daily chart. Examples of PATHWR are shown below in blue dotted lines.
I bought my initial STEEM position in the previous PATHWR of $2.60-2.80. I made another buy 2 days ago near the PATHWR ($4.35-$5.00) range at $5.50.
After breaching PATHWR prices and moving away from the range, the PATHWR usually becomes support zone if prices retrace back to that area. I try to scope out my entries and always focus on entry targets in order to get into the best possible entry. As a long term investor in steem, I plan to accumulate more and more steem in the coming months.
We could see some more price action inside the PATHWR and maybe even breaching the low range, but as long as price closes within the PATHWR, I'll remain bullish. If in the event steem closes below $4.35, I'll need to reassess.