Crypto Of The Day: Steem
Steem has just broken the wedge pattern in the one-hour chart.
(Chart courtesy of Tradingview.com)
Looking at the two-hour chart, we can see a clear five wave (Elliott Wave) pattern from the September 21 low. This advance was followed by a three wave decline (abc).
(Chart courtesy of Tradingview.com)
If this wave count is correct, we should now be starting a new five wave advance which should take out the September 24 peak. This wave count will be invalidated if the price takes out the September 21 low.
Disclosure: I am/we are long Steem.
I am skeptical that the price will bounce. Still too much supply and not enough activity. I am positive for STEEMs long term future but think we have some consolidation to go before we head up again
IMO the best time to power up is at the onset of long consolidation periods. I think steem will have a hard time entering any sustained rally because of the high inflation rate. The price bounced hard after a 90% decline. This could be a great opportunity.
I hear you. It is always dangerous to try to pick the bottom. Like I wrote: "This wave count will be invalidated if the price takes out the September 21 low."
What factor drive the price of steem/bitcoin combo?
In Poloniex one can only trade two Steem pairs (STEEM/BTC, and STEEM/ETH). So I chose STEEM/BTC. It is all about supply/demand.
A lot more information here than on ozchart in my opinion