STEEM is in the Elliot wave #3
Don't rush in to any trade! this is the conclusion of this post which I prefer to make it first!
now the important things and the details you may need to know:
I love STEEM
I have been on steemit for almost a year, I have grown my account so far, entered the market when STEEM was $1.3 and then I saw the 7 USD STEEM! I bought some STEEM at $2.2 and some more around $1.6
I'm looking to buy more at different levels right now, and this means I'm not claiming I can predict the price and I'm not recommending you changing your financial decisions based on my post, which is not an advise, but just a sharing of my observations of the market.
Steemit is a great platform for blogging. I have critics and suggestions, to top witnesses, but overall and so far, it's the best blockchain based platform I have experienced.
Why I have critics? because I believe STEEM and steemit could be in a much more distinguished position today, with lots of opportunities it delivers and advantages it has.
I believe STEEM could rank much higher than #44 in the Cryptocurrency market Capitals. I could easily expect it to be around 20-24, if:
- SMT would be promoted more
- SMT based apps get help like funding, accelerating etc
- STEEM was listed in major exchanges
- the reward policy had some modifications
the chart
right now I have noticed we have finished the wave 3 of elliot wave on STEEM chart:
in the above chart, you can see the wave 3, and the latest momentum which lasted for 2 weeks, RSI oversold and moving averages are widening. this may sign a bullish trend or let's say a trend reversal; which I believe it's not.
It is just beginning of the wave 4, which is slightly uptrend and not lasting for a long time.
look at this:
This is so called the BIG PICTURE! never miss looking at the charts at the bigger pictures.
what happens next?
to understand what is expected to happen next, I mean after completion of the Wave 3, check the below drawing:
once the correction is done, we probably will start wave 5, which is not as strong as wave 3 and will give you the opportunity to buy in and enjoy the trend reversal.
You obviously have no clue about elliot wave theory. This post proves that you are completely clueless. There is no way that this is wave 1-2-3. It violoates so many rules, I don't even know where to start.
Please do yourself a favour and go read a book about EW.
share your knowledge and let us learn
well hope you are right
I'm not giving fake hope!
My understanding from the charts is we will continue dropping lower in short term. in a long run we hopefully will enjoy what we have earned hardly!
i can buy that for a nickel (-:
i saw an account or two powering down yesterday, seems like capitulation is still occurring.
there is a general theory that "oh it will just go all the way back to 8 cents", but i don't think it will be that easy, i say 20s will be the lowest if we don't hold here.
agree with 20
powering down is not necessarily opting out...
I hope wave 4 begins.
Posted using Partiko Android
wave 4 would be short and weak. we have to wait for wave A
Thank you for analyzing and charting👍
Posted using Partiko Android
thanks for reading 🙇♂️
Great post..Thanks for analyzing and charting.
Hello!
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