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RE: Will STEEM go below 1.20 (STEEM/USD) this time?
Looks like you were right about the turnaround, it didn't go below the previous low in August. It came close but it looks like there's strong support around the 0.00025 BTC level (which is around $1 give or take depending on the value of BTC).
Nice call!
Thank you :)
What do you think is the next turnaround? Will Steem reach 1.60 this time, or even 1.70…?
I've seen people who are more knowledgeable than myself speculate that STEEM will most likely hit 1.60-1.70 soon as you've said here. I can't recall their reasoning but I'd guess it is based on a previous support / resistance level .
I don't think STEEM will go any lower than it already has. My guess is we see at least another week or two of consolidation in this range (1.20-1.60) and the next move outside that range will be to the upside. Honestly it could stay in this range for quite awhile but I think we'll see a good sized move up within a month.
I suspect a lot of people started powering down in May and June when STEEM was higher (which is a 13 week process) which would help to explain the ~13 week downtrend we saw over the summer. @me-tarzan has posted a few things about how the powerdown amount has levelled off and actually decreased recently. Here's one of his posts (he does a lot of data collection posts) https://steemit.com/steemit/@me-tarzan/on3lj-thursday-s-power-down-is-below-thursday-s-average-line-daily-steem-power-down
I've also read people speculating STEEM will double or triple in the next year or less. Fingers crossed!