Has it run out of STEEM? Or building for a STEEM breakout?
Steem is in a ominous place right now. It is down 95% from its all time high and this is what I call the coin graveyard.
It has 3 possible outcomes:
1) It continues to drop and it dies here (dig a grave for it)
2) It keeps churning sideways (walking dead)
3) It builds up steem and breaks out to the upside
People go to these coin graveyards looking for a pulse from their once favorite coin. Occasionally a coin will revive and come back to life. This is the bargain basement of neglected coins. I don't expect Steem to break any new highs of course, but if it gets back to its 0.236 Fib level we're looking at $2.20 which is a 500% boost from here. I've known some 3 legged dogs that can run a quarter of the race (0.236) if its motivated enough. (All it takes is a pork chop tied to a stick).
Why STEEM and why now? If you look at the moving averages you may see a glimmer of hope. The price is getting close to the daily 200 EMA and it may break out of that. Many other traders have a habit of buying when a stock or crypto breaks out of the 200 EMA/SMA so the price may get a boost. There has been a moderate amount of volume accumulating this year, so it may have some gunpowder to power the launch. A breakout of the 200 EMA will also coincide with a breakout of the wedge that had been forming for the past 6 months. You could call it a double breakout. :-)
I don't have any money in Steem, but if I were looking at it today I would wait for the actual breakout of the 200 EMA. This will cost me 20% but it also means I won't have my money tied up if it continues to move down. I don't like dead money sitting on a coin that may or may not be revived. Remember, the price hasn't poked its head above the 200 EMA since May 2018, so the price could continue to drop and I refuse to tie up money in it now without seeing a spark of life. If it costs me 20% to wait for it to break the 200 EMA, so be it. There is a little bit of support from the 150 SMA so things are looking up (a little). I wouldn't put a lot of faith in the 150 SMA because the price has fallen through it several times this year.
If the price doesn't break out of the 200 EMA and falls through the bottom of the wedge, I would put in a stink bid or an alert around 0.21 and hope it gets hit by the fall (pun intended). There has been support at this price in the past and we should get a bounce off of it in September or October.
Well, that's how I see it. This is not investment advice. This is how I would play it if it were up to me. Please do your own due diligence when buying or selling cryptos.
It has 3 possible outcomes:
1) It continues to drop and it dies here (dig a grave for it)
2) It keeps churning sideways (walking dead)
3) It builds up steem and breaks out to the upside
People go to these coin graveyards looking for a pulse from their once favorite coin. Occasionally a coin will revive and come back to life. This is the bargain basement of neglected coins. I don't expect Steem to break any new highs of course, but if it gets back to its 0.236 Fib level we're looking at $2.20 which is a 500% boost from here. I've known some 3 legged dogs that can run a quarter of the race (0.236) if its motivated enough. (All it takes is a pork chop tied to a stick).
Why STEEM and why now? If you look at the moving averages you may see a glimmer of hope. The price is getting close to the daily 200 EMA and it may break out of that. Many other traders have a habit of buying when a stock or crypto breaks out of the 200 EMA/SMA so the price may get a boost. There has been a moderate amount of volume accumulating this year, so it may have some gunpowder to power the launch. A breakout of the 200 EMA will also coincide with a breakout of the wedge that had been forming for the past 6 months. You could call it a double breakout. :-)
I don't have any money in Steem, but if I were looking at it today I would wait for the actual breakout of the 200 EMA. This will cost me 20% but it also means I won't have my money tied up if it continues to move down. I don't like dead money sitting on a coin that may or may not be revived. Remember, the price hasn't poked its head above the 200 EMA since May 2018, so the price could continue to drop and I refuse to tie up money in it now without seeing a spark of life. If it costs me 20% to wait for it to break the 200 EMA, so be it. There is a little bit of support from the 150 SMA so things are looking up (a little). I wouldn't put a lot of faith in the 150 SMA because the price has fallen through it several times this year.
If the price doesn't break out of the 200 EMA and falls through the bottom of the wedge, I would put in a stink bid or an alert around 0.21 and hope it gets hit by the fall (pun intended). There has been support at this price in the past and we should get a bounce off of it in September or October.
Well, that's how I see it. This is not investment advice. This is how I would play it if it were up to me. Please do your own due diligence when buying or selling cryptos.
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