I'm not an expert trader so you should take anything I say with a grain of salt. However, the sellers seem to be drying up, the volume is reaching a low point and this should signal the buyers its safe enough to jump in. I've even seen some of the "big names" on twitter (for whatever tha'ts worth) share they are currently setting up their buy ladders.
Funny enough I typed on google the bottom is near, to see if there was someone who shared my views on the subject and this particular picture showed up. It made me smile a bit, because I feel like this is me at the moment attempting to be all stoic when things are obviously not looking that pretty.
Psychology of the Masses
Is the one thing at play right now and possibly nothing more. That's what technical analysis is trying to predict, and anyone who says otherwise is probably not taking into account the evidence that lays bare right in front of us.
Why would I say this? Because technically nothing has changed for the worse. The opposite is quite true. The technology we have come to believe in, Blockchain, has evolved to new highs with some projects solving the scalability issues in very creative ways.
Bitcoin's main challenge, the elephant in the room sort of speak, is the scalability issues it faces. As it stands today there maximum amount of transactions it can do per second is thousands of times smaller than VISA, Mastercard or any other competitor we might want to throw into the mix. The solution that has been proposed and is days away from being implemented, Lightning Network, is sure to bring some peace of mind to those who hold bearish sentiments on this debacle.
Unfortunately there is a lot of misinformation regarding this scalability, and I won't attempt to address them all myself. For those who would really like to experience a deep dive on the subject, I would suggest watching this video by the real bitcoin jesus.
We are ripe for a turn around my friends
Dawn is almost here, I can feel it. I don't want to sound like some blind cultist trying to sell his bags, that's not at all my intention. I'm simply trying to make the case that right now, today, this second, is the worse time any of us could be selling our Steem. I stand in complete opposition to what one of Steem's witnesses proposed (self defeating) we should all be doing.
What we should all be doing right now is educating ourselves a little more on the technology we use to participate of this peaceful revolution. As the old saying says, knowledge will be the stability of times.
