Steem (STEEM) has Shot up by more than 230% (from ~$2.60 on December 30th to ~$8.40 on January 3rd, today) in the past FOUR DAYS, causing a totally over extended graph. This over extension is a strong indication of a pullback coming in the next few days. It is not going to be anything to panic about, but this may a time to start taking profits on any open Steem positions (it would NOT be worth it to power down your Steem - the correction will be long over by the time it finishes).
As indicated in the above image, technical analysis points to a low between ~$5 and $4 before Steem finishes its correction and returns to its normal growth patterns.
That's all for this analysis,
Thank you for reading and Steem on!
~Jack
Remember: This is only my analysis, you should always do your own research as well before making any investing decision! This post is not telling you to buy or sell! Trade at your own risk!
