POLONIEX:STEEMUSD   STEEM / US Dollar (calculated by TradingView)
In my last analysis I predicted a Steem price between 1.75 and 1.90 which is about where we are right now. Steem seems to be inching lower lockstep with BTC . If you do your BTC analysis you will know that we are likely going to fall further before we move any higher (around $1000).

Full disclosure I hold both Steem and Steem Dollars.

The goal of most alt coin holders is to gain more BTC . That is unlikely to happen with Steem or SBD until BTC has corrected course. I wouldnt be surprised to see Steem hit 1.25 or lower while BTC continues to slide.

If you are timing the market to buy Steem at a discount - we still have quite a bit of pressure to move downward - I wouldnt buy for anything less than 1.50 or more likely 1.25.

If your in the Steem and looking to make a move - you might want to get your position to cash and wait for the inevitable downturn - before the market goes bull again.

Comment: As you can see Steem followed the downtrend channel and then broke it temporarily before beginning to fall again. This has more to do with BTC moving sideways than with Steem gaining traction. My prediction was for Steem to be somewhere between 1.75 and 1.90 - its still in that range - but with BTC tracing the right shoulder of its pattern - we can expect a BTC drop and a drop in Steem as well.

For those of you on the sidelines waiting to buy in - keep your eye on BTC before you buy - at this point I am going to lower my target to $1.50. I should hit the 1.75 region again and there is enough evidence to suggest a further drop.
Comment: There was a spike outside of the down-channel which has confused some viewing this chart. BTC is still moving downward as it carves the right side of the H&S.. Steem is currently at 1.83 - it should drop to the 1.70s again within the next few hours and slowly move down to the 1.50 region. Its too early to tell if that will be our bottom.

Comments

What are you talking about, steem is about 2.4 dollars now...
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rgeddes cMechanics