STEEM - Possible Good Entry Opportunity???
Disclaimer: This post is not meant to be a recommendation to buy or sell any financial instrument. Do not invest money you cannot afford to lose. Always do your own research. This is my opinion.
STEEM has been pulling back in the past couple of days, but has been bouncing at the "PATHWR" (Previous ATH Wick Range, an acronym I made up). The PATHWR is defined as a range that starts with the previous ATH close price and extends up to the previous ATH. BTW, I'm looking at a daily chart. Examples of PATHWR are shown below in blue dotted lines.
I bought my initial STEEM position in the previous PATHWR of $2.60-2.80. I made another buy 2 days ago near the PATHWR ($4.35-$5.00) range at $5.50.
After breaching PATHWR prices and moving away from the range, the PATHWR usually becomes support zone if prices retrace back to that area. I try to scope out my entries and always focus on entry targets in order to get into the best possible entry. As a long term investor in steem, I plan to accumulate more and more steem in the coming months.
We could see some more price action inside the PATHWR and maybe even breaching the low range, but as long as price closes within the PATHWR, I'll remain bullish. If in the event steem closes below $4.35, I'll need to reassess.
With the selloff in cryptos yesterday, I was a little worried about STEEM as price breached the lower range of the PATHWR. After checking prices this morning, I was a little more at ease as STEEM bounced back into the PATHWR zone.
Seems to me that price will stay in this zone as bulls and bears fight it out. I'm not sure what I would prefer to happen, break higher or lower from the PATHWR... since I'd still like to add to my position.
Hopefully it holds $5. Do you think we'll hit 10 this year?
Most definitely. We'll hit $10 on the next breakout. I usually don't like to project price targets, especially when we're talking about new highs. I follow a couple EW theorist, you should definitely checkout @haejin. If we break below $5, I'll wait for a spot to accumulate more!
Noticed you follow @cryptographic, not sure if you saw his 10k to a million blog, but I wrote a recap of it: https://steemit.com/trading/@dirkboy41/turn-usd10k-into-usd1-million-cliffsnotes-cryptographic
Where you see STEEM going this year?
I'm guessing it will hit at least 10 maybe break 20 and touch 100 next year. It will be interesting to see if it can eventually hit 1000. A lot depends I think on steemit which theoretcally could overtake Facebook in like 3 years but I'm really going out on a limb. I'm not sure steemit can handle Facebook traffic but I expect it to be able to. If steemit can kill Facebook then it will probably kill Instagram and twitter as well which would make it worth like 500B-1 trillion dollars. lol
Im no expert by any means (Im new to all this in fact), but I do see a lot of potential for the steem currencies and the website. I would think that Steem will hit $10 at some point this year and maybe even go much higher, but thats pure speculation on my part.
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