For the past few days the STEEMIT website has been off and on, so many of you may have found yourself with new STEEM on the sidelines that is unable to be Powered Up. Alternatively you may just want to keep your own liquid STEEM out of STEEMIT until the 2FA becomes activated, I don’t blame you.  If this is the case you will want to check out this guide to trading STEEM.  In this guide I will analyze the STEEM market and break it down into 3 simple parts with a Fibonacci chart I created with a PhiMatrix.

Heres my analogy. Think of the STEEM market as a big department store that wants to stay open in equilibrium for as long as it can and have higher and higher prices. It is natural for price to bounce from the half off zone. Think of this store having 3 tiers of pricing equilibriums, Full Price(higher and higher), Half price(50%  static sale), and no price (Less and Less), where prices are sticky.

A healthy department store tries to stays open at full price most of the time, but when bills come around they are willing to have a 50% sale.  Assuming the market is all knowing, if it is just a normal 50% sale, market buys up sale until a new equilibrium is found higher and higher. In other words everyone likes a good sale so the price bounces back usually very fast. If it is an unhealthy sale however you will start seeing longer bigger sale trends over 62%.  Since the store can run in Equilibrium at each of these levels for any set amount of time you will often see sharp price adjustments to and from these levels.  So my advise is to buy on 50% sales (like the one we are having now) and then only sell up to half of your STEEM at the target, because sometimes targets can be blown through and then we get a new higher 50% sale for the next time around.  

https://raw.githubusercontent.com/horsecoin/STEEMIMAGES/master/steemit-profit-target-final.png

Steemit STEEM TRADER Fibonacci analysis with price prediction
STEEMIT’s  first major correction is already underway.  The image above shows a Fibonacci history with projection.   I have the projected price target in BTC highlighted in green .009 BTC!  It appears we have bounced off the 50% high probability buy zone at .004 already so the long is in play.  Look to stock up down there if we retest. As long as this move holds, I don’t think it will be long until we hit this first major profit target!