Had a look at STEEM, and like so many other cryptos, it seems to be about right in the zone for a long term play.
After a beautiful five waves up last year, price has retraced almost to the 0.5 Fibonacci level at $0.71. This also has confluence with the correctional waves, where A equals C at $0.68.
Note that support for a normal wave 2 stretches all the way down to $0.39, and the impulse isn't invalidated until $0.05! So if it crashes through the floor, please have a stop in mind.
If we look at the longer term chart, the skew is what you would refer to as a moon count. Usually it's not wise to give these projections too much attention, since the dollar signs in your eyes tend to block your view. But for position sizing within your portfolio, they can be of great value.
