An Update on "STEEM/BTC"

Well, here is the last "proper" post giving you my thoughts on where the "STEEM/BTC" price might be headed. As you can see, it played out pretty well so far. Not that I'm in the least bit happy about it or anything. But regardless, this is where we're at right now and at least I was somewhat prepared for it. So, where to next then?

The charts literally speak for themselves really. The bearish trend couldn't be stronger for now and it looks to be a bottomless canyon at the moment. Now, with established trends like this, it'll be hard to call a definitive bottom with any kind of real conviction. However, I'm still fully expecting us to touch the all-time lows again which sit at around the 5,800 sats level. After that, it's make or break. Below there and we're headed into uncharted territory. Yet I'm confident these are "golden" levels to get in on if you want to expand on your current STEEM holdings. Reason being we're at the absolute extreme of the charts and usually these things have a way of correcting themselves, sometimes quite violently.

If you look at the RSI, it is still in the oversold area but until it resurfaces back out of there, things stay bearish looking for now. In regards to the MACD, it is also in the oversold area although their moving average lines have already crossed, signalling some possible upward movement on the horizon, but it does look very weak at the moment. In fact, a few days back I assumed we'd get that same correction but it never came to pass. Oh well, at least this time we have a confirmation of sorts.

Remember that below that ominous 5,800 sats level, anything goes. So my advice would be to first aim for that level, close out of any sell positions when it reaches and wait for the market to make a move. Things can change rapidly in the world of crypto and I'm fully aware that anytime, we could blast up and out of this bear market like a rocket ship. We got the development, we got the blockchain. It's not like this is some deserted technological relic that has attracted so much community and developmental attention up until now. Perhaps STEEM could be seen as one of the most undervalued coins out there. The case for this is very strong.

However, for the time being, it's "accumulation" city! The more you pick up now, the better off you'll be when the eventual turnaround hits. Simple as, right? Till then, remain diligent and disciplined, my Steemian peepz! :)