As we all know, our beloved steem has recently fallen in value. I am here to offer a short TA in where I personally think the coin is headed.
Bottom line: I think Steem has just a little bit further to fall before it finds its true value
In TA, a symmetrical triangle means that the price could move either way. The rainbow you see is called fib-fan. It tries to predict what the price will be by giving a general channel for when the price will rise and fall. As you can see, the price has been following the channel pretty well since it started to fall. Usually bouncing off of the bottom line selling off at the top. What we have seen today appears to be a break from that trend. Instead of going down in a jagged fashion it appears to have taken a dive sideways. I drew the symmetric triangle to illustrate the uncertainty of the market. Nobody really knows if we have hit the bottom, but we will have to make a decision soon. We seem to be consolidating at about .00357 BTC. Pretty soon we will hit the fib fan wall and hit the end of the symmetric. It is because of the fib wall that I think the price will go down. If, however, we break out of the fib pattern, I would consider that to be bullish. It remains to be seen.
Two things you should probably also consider the fact that steemit was just open sourced, which is very good news and should drive up the price as confidence in the platform should rise, and the fact that the SBD is loosing value, which may drive confidence in the platform down.
Please feel free to berate me when I am wrong :) Hope you enjoyed. This is not investment advice.