STEEM - If I wanted to be a buyer
If I wanted to buy Steem where should I be hunting? I really like a test of the most recent horizontal support/resistance level which just so happens to be the 78.6 Fib off the most recent trading range. We at TRI call this the 'line in the sand' in that if Steem really is a bull this is where the big boys will defend the story. Work bids, be patient and let the market come to you.
Brian
https://www.coinigy.com/s/i/57910aad/
the best price seems to be on the internal exchange using bitcoin at the moment
Steem inflates itself by over 100% a year... I'm going to doubt fibs will work with this coin.
"big boys" in steem have all there money locked away in steem power so that they can upvote. Most don't have spare cash to support the ever inflating supply. I'm guessing we have seen the all time high for steem vs bitcoin. The market cap may pop a little higher, but I think the token has too much inflationary weight hanging around its neck.
Thanks @bbeamish!
Cheers, Brian!
Update to original post, caution indeed warranted. No reason to put your neck in this noose any time soon...
Brian
https://www.coinigy.com/s/i/57bcbfb0/