"each trying to sell before the next"
The essence of a bear market. It feeds on itself.
"From a personal financial perspective I played poorly"
That's debatable. It's like the parable of the house. Playing Steem like a market is like building a house on sand. It will eventually crumble in the long term. I guess that's your point. :)
Poorly for a short term view, okay for a long. But, if I had sold and bought back in I would have significantly more steem to support others but, what kind of support from others? It is hard to say but, I did take some liquids and did invest into other things which means, I can still perhaps get some more Steem with a little luck.
With hindsight, it's easy to know what the market did, but is it really possible to know in advance?
Traders use technical analysis, jump in and out if markets every day, and some do well, others get burned. It is a very stressful life, and half your life will be burned watching hourly movements. Picking something you believe in, and sticking with it can be just as successful, without the daily stress. :-o