Steem Immediate Target

I my analysis today is based on the weekly timeframe, I try to break down some things which makes me believe that a certain price target is realistic for steem within the immediate short term.

As we have observed in the market bitcoin seems to be really pumping and making waves ahead of the scheduled April halving event infact bitcoin is pumping so hard that people are starting to believe it will break it all time high even before the halving, but how realistic is that, well anything is possible in this market, it is one that keeps envolving.

Whilst it seems bitcoin is pumping hard touching at almost $64k already $5k shy of it's all time high it seems most altcoins are not pumping with same momentum, well that's nothing to be worried about because I believe whilst February it's bitcoin's month come March we are going to see some major Altcoin season and steem will pump too.

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From the image above that's my analysis of the chart of steem/usdt as I try to understand whether it is bullish or bearish, if we observe correctly we will see that steem has been bullish especially ever since it tap into the weekly fair value gap, yes since steem tapped into that weekly FVG it's been moving up real nicely, and I believe it will continue to do so inthe immediate short term based on what I see from the chart.

From the moment we tapped into the weekly fair value gap corresponding with bitcoin insane surge I have been rather bullish on steem and what's the first target where I believe it's first drawing to well let's see.

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From the chart, on the weekly time frame the first target steem is drawing to that I strongly believe steem is going to knock out soon is the buyside liquidity resting at $0.3544 level, that's our next target not just the next target that's the price level I believe we would see very soon.

From the above image you can see that's where price is drawing to, also while exactly do I believe steem will pump hard soon, it's because steem seems to always follow the price of bitcoin in terms of percent gain ifnot out performing it.

Before the start of 2020 bull run bitcoin dipped to $4,826 only to top out at $69k at the end of the bull market now that's a 14× from that low to the high and if we check the lowest price of bitcoin for that bear market around $3,300 to that's almost 21×

In that same light before the beginning of 2020 bull run steem was at $0.08 that's very little ofcourse, now compared to the high of 2021 of around $1.38 that's a 17× I believe a decent gain and from the figure of bitcoin we could see that it's almost around the same increment. Now bitcoins low last year was around $15,800 to the high so far of $64k that's already a 4× now steems low last year was $0.139 if it does a 4× now it would put it at $0.556 at the immediate short term or a 3× which would put it at $0.417.

Well that's not a big time based on the chart it's very plausible, we see clearly from the chart below after the $0.35 buyside liquidity there is another at $0.48 level and also another at $0.669 now for the first one of $0.35 I believe it's within sight at the immediate short term but to put steem in position with the gains of bitcoin I believe in the next month or two atleast before the halving event of bitcoin we would sweep the buyside at $0.48 which could put steem at $0.556 or close to it representing a 4× from the 2022 low just as am expecting.

To the very least steemians the $0.35 level would be swept and with it would come the full return of SBD while the $0.48 and $0.669 would still be swept but maybe not as soon, I believe March would be altcoin season that's where we would see steem price trading at $0.35 level and above.

This is not a financial advise