Watching markets for many years has created a sub-culture of technical analysts. I am not one of them. I have picked up a few ideas over the years as I listen to them explain market behavior. Most of it makes sense in hindsight.
Here is a daily chart for the Steem price during December 2017.
The price made a big jump higher on the 20th and 21st. We were all jumping for joy as the price reached over $4. But then market players decided to take some holiday profits. Sadly, the price fell on the 22nd. It rebounded higher on the 23rd, but reached a lower high of around $3.50. It fell today to a higher low of $2.53.
If this pattern of lower highs and higher lows continues, it is called consolidation. The market is establishing a line of support for the future price moves.
For those of us who believe the future for the Steem blockchain to be brilliant in 2018, this is peripheral noise. Our plan is to hold our Steem value long term.
Recently I sold some Steem as a learning experiment. To prepare myself for the future, I needed to understand the process. I hope not to sell any more in the near future.
The future is not as clearly seen as the past. The holiday season will remain a distraction. Life in the Stemit community will settle back to normal in a week or so.
Happy Holidays to you and yours!
Here is today's beauty.
This is my son Phil and his wife Nancy. They are expecting a baby in June. Think Pink.
