If Steem were an episode of Game of Thrones, then we're currently surviving winter while purging White Walkers.
Winter is ending
There's been a lot of fear, uncertainty, and doubt(FUD) surrounding the price of Steem and the direction it's been going; down, down, down.
It seems that the fear surrounding the price of Steemit has caused a decline in active accounts. There are numerous reasons for this, which we've already heard a billion times. One reason that seems to stick out though is people selling their Steem rewards for a quick profit, regardless of market direction.
Steem seems to be placing its livelihood in the hands of novice traders; people who've never used an exchange before using Steem and have no other reason too other than to sell their Steem and make some money. As a recent post by @charlieshrem suggests, all that unnecessary selling creates unwarranted sell pressure. And he's right.
I left a comment on Charlie's post:
I feel like people are slow to realize the potential of what Steemit is.
Here, they reap the rewards then get excited, cash out, but keep coming back. Those that don't get rewards and can't be bothered putting in work, leave. And, then there's the believers among us that power up and keep the lights on, who're dedicated to the platform and bring value to it.
Once every body agrees how supercalifragilisticexpialidocious Steemit is, buy walls will come rushing in.
Honestly, I think we're almost there.
Watchers of the Wall
With the negative part of this post out of the way, I started writing this because those of us who've been watching the price of Steem closely over the last week are starting to express a shared sentiment; that Steem is ripe for the picking.
Steem has finally hit a bottom of 0.00039 BTC ($0.25 US cents). The price is currently sitting around the 0.00040 mark (If you'd like a more detailed technical analysis then I suggest you start following @ozchartart who's most recent post gives a detailed view of what the price has been doing in the last 24 hours).
When I look at the charts I see a perfect buy opportunity with a lot of room for an upward trend and little room for downward volatility. In other words, it's time to buy and hold. If you're dedicated to the platform then you know as well as I do the potential that it holds and how insanely undervalued it is right now. I have chosen to invest in Steem and have been slowly accumulating a nice lump sum of assets. If all goes according to plan, then I shall be rich enough to buy myself a dire wolf.
Hold the door!
In conclusion, it's a no brainer for me when looking at the charts. I'm a day trader in my spare time and I know a little about price movements. Using that knowledge it's plain to see that there's a nice bottom forming on Steem's chart, and bottoms usually mean that the price is being pressured upwards.
Of course we should never assume something will happen and so I'm staying open minded. If the price is to go upwards then we have to hope that it doesn't break below the 0.00038 BTC mark, if it does break below that point then we could see the price of Steem "fall over the Wall".
I expect the price to hit current buy walls that have formed around 0.00039 BTC before retracing and making a huge a recovery. If the price does move in this direction then we can expect resistance at 0.00048 before a continuation of an upward trend.
So, hold your Steem tight like Hodor and hope we make it out alive!
