Don't rush in to any trade! this is the conclusion of this post which I prefer to make it first!
now the important things and the details you may need to know:
I love STEEM
I have been on steemit for almost a year, I have grown my account so far, entered the market when STEEM was $1.3 and then I saw the 7 USD STEEM! I bought some STEEM at $2.2 and some more around $1.6
I'm looking to buy more at different levels right now, and this means I'm not claiming I can predict the price and I'm not recommending you changing your financial decisions based on my post, which is not an advise, but just a sharing of my observations of the market.
Steemit is a great platform for blogging. I have critics and suggestions, to top witnesses, but overall and so far, it's the best blockchain based platform I have experienced.
Why I have critics? because I believe STEEM and steemit could be in a much more distinguished position today, with lots of opportunities it delivers and advantages it has.
I believe STEEM could rank much higher than #44 in the Cryptocurrency market Capitals. I could easily expect it to be around 20-24, if:
- SMT would be promoted more
- SMT based apps get help like funding, accelerating etc
- STEEM was listed in major exchanges
- the reward policy had some modifications
the chart
right now I have noticed we have finished the wave 3 of elliot wave on STEEM chart:
in the above chart, you can see the wave 3, and the latest momentum which lasted for 2 weeks, RSI oversold and moving averages are widening. this may sign a bullish trend or let's say a trend reversal; which I believe it's not.
It is just beginning of the wave 4, which is slightly uptrend and not lasting for a long time.
look at this:
This is so called the BIG PICTURE! never miss looking at the charts at the bigger pictures.
what happens next?
to understand what is expected to happen next, I mean after completion of the Wave 3, check the below drawing:
once the correction is done, we probably will start wave 5, which is not as strong as wave 3 and will give you the opportunity to buy in and enjoy the trend reversal.