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Steem vs. USD

Maybe I love inflicting pain on myself, but these extended correction waves always get me excited. Bitcoin was looking to be reversing a couple days ago at the 0.382 Fib level, but dropped down further to the 0.286 level today, which is getting extremely close to being a double bottom between now and the last C wave. I had mentioned to someone last month that I wouldn't be surprised to see a double bottom, but I didn't really think the chances were too high, and I still don't think it will happen.

Anyway, this is about Steem prices, and today we are zooming in to get a closer look at what Steem vs. USD is up to. As you can see in the chart below, the price broke out in the down direction, hitting lows that we have not seen since December 2017.

You might be thinking "Oh noes, my investment!"

There are two upsides here:

One is that Steem vs. USD just crossed the lower Donchian Channel today (the light-blue stepped line), which is a more granular "oversold" indicator, as compared to the RSI levels. The RSI has indicated oversold for a couple days now, but we now have the second confirmation from the lower DC line that tells us the price is a bargain.

The second upside, which I eluded to yesterday, is that a lower price of Steem means that you get more Steem Power for post rewards. I should do a separate post to explain this, because the way that post payouts work is both simple and complicated at the same time.

In fact, I think I will do that after this post, because it's a need-to-know concept for anyone posting full-time on Steem.

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Steem vs. Bitcoin

I called the previous channel I had draw far too early on the Steem vs. Bitcoin chart, and have erased it for continuity's sake. As we can see, the price of Steem in Bitcoin is reaching black-Friday prices as it tumbles down a steep and tight channel. The last time the RSI reached this low on the daily chart was February 20, 2017, or around there.

While this might be cause for concern for some people, I like to think that the crypto market is starting to get it's feet on the ground again. For me, there's a lot of comfort in being grounded, as I am more confident in where we are standing. For those new to the cryptomarkets, it must really be frightening to not know when prices may hit the floor.

Again, for Steem this is an extremely unique situation, which I will try to explain as simply as possible in my next post today. suffice to say, a lower price in Steem is not a bad thing for content creators, nor for curators.

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Steem Stats

Last Closing Price	$1.82
Price 1 Year Ago	$0.1766
1 Year Growth	1030.577%
Marketcap Rank	#29
Last Closing Marketcap	$521,876,000
24 Hour vs. USD	-16.16%
7 Day vs. USD	-37.62%
24 Hour vs. BTC	-10.38%
7 Day vs. BTC	-22.46%

Thank you for reading. Try to keep your head attached in these crazy and blood-thirsty crypto markets.

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Tip Jar:

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As always; good luck, good wealth and good health to everyone on Steemit. Stay positive towards others and help the community grow. Thank you for reading and sharing. Comments are always welcome.