The cryptocurrency Steem is reaching its minimum so far this year, this cryptocurrency is not the only one that is in this situation many of the altcoins are also, we know that the altcoins are moved by the action of the bitcoin price, if it is true that bitcoin has lower minimums every time so its trend is clearly bearish but for the moment its behavior is undecided.
It depends on the following question. What are you going to buy for? if you want to do hodl would be a good time to buy, if you want to trade in a day or less I would not advise you to enter the market, currently the price is just where the pump was last year where he grew to 870 % in just one month, everything goes up low and everything goes down, the most important rule for an investor is always buy cheap never expensive, this does not mean that you go immediately to buy steem, first analyze yourself and see why you are buying, what I try to do in this post is to make known from my perspective and objectively how the market is unfolding.
You have to make the odds work in our favor because this is not just about betting, to enter the market you have to have a strategy that you trust and follow rigorously. Here are two scenarios, one optimistic and one pessimistic, what you will see below is not an investment advice, it is simply a way of interpreting the price action of Steem with the USD pair.
The price will drop around 0.70 USD, the following chart shows a lilac line being this a weekly support at the 0.81 USD in which it is currently, it is very likely to end up breaking it and reach the daily support that is the red line in the 0.74 USD and the pivot point in the 0.70 USD since the Ichimoku cloud indicates bearish days, in the aforementioned points the price can gain strength to push until touching the Ichimoku cloud since the price always tends to get away from the cloud and go back to push until touch it again and even to transfer it, personally this would be my area of purchase.
Note: Always operate with Stop Limit
The price would reach 0.50 USD as shown in the following image, black lines are monthly supports, which is at 0.90 was transferred very easily while the next monthly support could attract the price at 0.48 USD and there to be able to boost, in addition the price is below the Ichimoku cloud and this continues to mark a bearish force in the same way the volume continues to fall.
This would be all for today, we will see in an upcoming post, greetings and thanks for reading.
