Steem Approaching a Very Attractive "Buy" Zone

In the last few hours, the crypto markets have taken a bit of a hammering. And as always, Bitcoin is leading the charge downwards. Sadly, this is coming just days after the pleasant euphoria of attending Steemfest 3, but that's of no consequence. The markets will always do as they please, regardless of date or time. This latest move has got tongues wagging once again, however I'll touching upon how this guy will be playing it out. A.k.a., me!

I'm putting aside any complicated charting setups and indicators for now. This is all the information you'll be needing for the moment. As you can see, since way back in May 2017, we've never broken below the "blue" support line. The lowest price ever reached after that was exactly on the 65 cent mark. So for me, this is a critical level and as such, a zone around the 65 - 70 cent range could potentially be a nice buying area.

Now, when I say buy, we also have to assume the worst. In that, "if" it breaks, then we could easily be seeing the 30-35 cent mark. Therefore, if it was me, I'd go in with half my position around 65-70 cents and the other at 30-35 cents, should we break down to that level, providing a nice balance either way. In these market instances, as well as maximising profit, it is important to minimise risk too. These two key entry points on the charts should provide all you need strategy wise.

And what of any year end predictions? Well, this is crypto and anything is possible, as we've seen in the past, but from what I have drawn up on my own personal charts, it's looking like we could be in for a very long wait. Without given an exact price prediction, I'd say don't hold out much hope for that big upward move we're all waiting for, at least for the time being. Sure, throughout 2019, we may get the odd sporadic pump and well as dump in price, but still remaining limited in scope and size.

So, my final thoughts are to hunker down and sit tight on your crypto portfolio until the market decides to makes it's move. Stagnant price action is one of the worst nightmares for an investor or trader, yet here we are. No doubt, the total marketcap still being so low has a lot to do with it, therefore it's just a case of good old fashioned patience and discipline on our part. Let's just wait for the eventual turnaround, whenever that may be.

Hope you enjoyed this post, please look out for more on the way... (author: @ezzy)