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STEEM totally decoupled from BTC - following its wave count by ew-and-patterns

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· @ew-and-patterns · (edited)
$18.33
STEEM totally decoupled from BTC - following its wave count
Hate to tell you this, but it looks like it is gonna get ugly again for STEEM. I see STEEM in the midst of a final C wave down. And all of this while a strong upmove in BTC is happening. 
--

Why is that, you may ask? It is, because STEEM and BTC have two completely different wave counts. It is, because in BTC the correction is already over, but STEEM has not completed the corrective pattern. No new buyers rushing in, because they anticipate STEEM to be lower soon. It is never a good sign if a currency remains at one price level too long. Steem stayed between 1.20 and 1.40 wayyyy to long and now it's going down.
![1zAtBWmG.png](https://steemitimages.com/DQmePG6RubA7YRHuThkiHxrBexSkEahSQX6kn6gXDoFpH2U/1zAtBWmG.png)

This is my wave count - currently wave 3 of C is happening
--

![1zAtBW2mG.png](https://steemitimages.com/DQmPqcnJaj97oGmp9mZbwoNAX7e3tmZcLtgibuTnjy6w4zu/1zAtBW2mG.png)

I see it as a buying opportunity, probably the last time STEEM will be trading be this low.
![image (5).png](https://steemitimages.com/DQmSJFCmiPGGtTrvw93vM77RZsA56t47xh9DbFpbqJxfgoA/image%20(5).png)
If you think this to be useful information:
![DQmRhDtjokAZnGKi4QwheqksKTFo6m4fsjMYsNNrsitC1xk.gif](https://steemitimages.com/DQmRhDtjokAZnGKi4QwheqksKTFo6m4fsjMYsNNrsitC1xk/DQmRhDtjokAZnGKi4QwheqksKTFo6m4fsjMYsNNrsitC1xk.gif)
![image (5).png](https://steemitimages.com/DQmSJFCmiPGGtTrvw93vM77RZsA56t47xh9DbFpbqJxfgoA/image%20(5).png)

DISCLAIMER: I provide trading ideas using EW and Pattern analysis. The material in this post does not constitute any trading advice whatsoever. This is just the way i see the charts and what my trading ideas are. The author of this post is holding positions in this market at the time of this post.
If you make any trades after reading this post it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.

Tell me what you think...

Have a nice day :-)
👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 24 others
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vote details (88)
@ahmadddy ·
that's cool
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@aydotnov16 ·
This is a great opportunity to buy guys
👍  
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vote details (1)
@booster ·
<p>This post has received a 1.01 % upvote from @booster thanks to: @ew-and-patterns.</p>
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@cryptocrusaders ·
$0.06
Don't matter for me...

STEEM up or STEEM down

Thirds Rule Strategy
👍  , ,
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vote details (3)
@cryptogeyser ·
"I see it as a buying opportunity, probably the last time STEEM will be trading be this low."

Totally agree with you. This is a great moment to accumulate more STEEM.
👍  
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vote details (1)
@dang007 · (edited)
cat got an eye on you.
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@ew-and-patterns · (edited)
$0.35
Yes I saw that. Thanks for the warning
👍  
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vote details (1)
@dang007 ·
Yes kitty .
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@decentralization ·
$4.53
I am not sure. The consistent selling pressure placed on steam by people powering down is hard to overcome. It is too much.
👍  , ,
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vote details (3)
@ew-and-patterns ·
$0.41
It is too much for now because there are not enough small accounts buying yet. I think next year will be better with higher price of steem
👍  ,
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@devrajlove ·
it help me so much .... thanks for share
👍  
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vote details (1)
@dimsum ·
Hi @ew-and-patterns, I think the red line must be set back to march. I see no reason to put it on may. However, I am expecting NEM and NXT will increase at monday, because BCH balances will be credited by 8/14 on Poloniex. But remember, anything can happen, so I keep an eye on STEEM these days;) thanks!
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@greatvideos ·
If you ask me as I don't have a great deal of Steem 
Is good news 
Because I plan to buy when the Steem price drops under $0.90
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@greatvideos ·
And ouch if you paid 2sbd
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@larryphang ·
Followed, wish to get update from you when is a good time to stock up Steem.
👍  
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vote details (1)
@ew-and-patterns ·
$0.36
I will make an update post when the time comes. I expect the low this month or mid September. I will stock up too and inform you guys here...
👍  
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vote details (1)
@lichtblick ·
$0.02
Resteemed :-)
👍  
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vote details (1)
@ew-and-patterns · (edited)
$0.40
Danke für deine Unterstützung ;-)
👍  ,
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vote details (2)
@lichtblick ·
Sehr gerne. Deine Analyse ist echt gut.
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@luigi-tecnologo ·
sad to say but i think you are right
👍  
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vote details (1)
@mavil005 ·
Yap . if bitcoin ride get more hot
👍  
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vote details (1)
@melowd ·
This post has received a 100% upvote from @melowd. Thank You for sharing @ew-and-patterns. For more information, <a href="https://steemit.com/steem/@melowd/your-post-will-be-resteem-to-5000-people">click here! </a>
👍  
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vote details (1)
@pfa ·
$1.00
ok, so the bottom / buying opportunity should be around 0.00018 btc/steem?
👍  , , , ,
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vote details (5)
@ew-and-patterns ·
$0.40
I will make a new post, when the bottom is likely reached ;-)
👍  ,
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vote details (2)
@clemdane ·
I'll be watching
👍  
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vote details (1)
@poss ·
I as a newcomer did power up a bit and i still believe that Steemit have a nice future. We just need this "elders" drama to end =) So that the devs can focus on the development.
👍  
properties (23)
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vote details (1)
@randowhale ·
$0.03
This post received a 3.3% upvote from @randowhale thanks to @ew-and-patterns!  For more information, [click here](https://steemit.com/steemit/@randowhale/randowhale-is-now-only-1-steem-sbd-per-vote-spread-the-news)!
👍  
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vote details (1)
@realestatecoach ·
$0.02
Good article.  I like people giving projects on Steem since that is the platform we are on.  :)
👍  , ,
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vote details (3)
@rudystyle · (edited)
$5.58
I don't think it will recover to it's  previous highs anymore. I see more good people leaving and more spammers joining.  Also  dan leaving steem and powering down, I think we are stuck in these doldrums for almost forever.
Anyway the system here is flawed where the early adopters have too much power. I don't mind them making money  but why do they have so much powers to influence the community? Just because a monkey is an early adopter, you would be foolish to make him the king. That's precisely what's happening here and that's why steemit  is stuck at these levels
👍  , , , , , , , , ,
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vote details (10)
@ew-and-patterns ·
$0.40
Yes this is a problem. But it can actually be overcome with enough active accounts who actually invest a little in steem to begin with...
👍  ,
properties (23)
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vote details (2)
@stayoutoftherz ·
$0.13
Or by rebalancing the voting powers to get more democracy in. If we rely on the newcomers investing and at the same time the early adopters leave, this is not healthy...
Maybe the faster powering doen times with the last HF was not such a good idea in the long run.
👍  ,
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vote details (2)
@salvis ·
$0.11
Thx
👍  
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vote details (1)
@sanevys ·
$0.16
Sadly but true!
👍  ,
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vote details (2)
@schumame ·
Thanks for this analysis, will get ready to buy more STEEM!
👍  
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vote details (1)
@steemitboard ·
Congratulations @ew-and-patterns! You have completed some achievement on Steemit and have been rewarded with new badge(s) :

[![](https://steemitimages.com/70x80/http://steemitboard.com/notifications/payout.png)](http://steemitboard.com/@ew-and-patterns) Award for the total payout received

Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click [here](https://steemit.com/@steemitboard)

If you no longer want to receive notifications, reply to this comment with the word `STOP`

> By upvoting this notification, you can help all Steemit users. Learn how [here](https://steemit.com/steemitboard/@steemitboard/http-i-cubeupload-com-7ciqeo-png)!
properties (22)
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@tytran ·
I see this as a buying opportunity. Every dip we have in Steem should get the non-believers out until we have a good foundation. I believe those who stick it out with this platform  will be rewarded in the long run and in the cryptocurrency world, the "long run" is relatively short! It wasn't long ago that bitcoin was at $1. That was in 2011. Just six years ago. 

People should see Steem as a vehicle to learn more about cryptocurrencies and a "long term"  vehicle to position themselves in a niche while it's still early.
👍  ,
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vote details (2)
@jagged ·
I agree.  If STEEM was easy then it would just pick up passengers.  The fact there is a whole world of the unknown makes it still in pioneering mode.
The early adopters should be rewarded for taking a shot in the dark.
By the road not being easy, it forces me to find my own way.
👍  ,
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vote details (2)
@voxxer · (edited)
I thought the idea for steem was to stay close to the dollar in cost? Could explain the disconnect to bitcoin moves itself.
I found it in the white papers "A stable cryptocurrency pegged to the U.S. dollar."
I am sure if a currency replaces the dollar it should adjust to the replacement.
properties (22)
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@ew-and-patterns · (edited)
$0.39
You missunderstood something. It is "only the SBD or Steem backed dollar that is supposed to be stable cryptocurrency pegged to the U.S. dollar." Not STEEM.  Go read that article again if you don't believe me

STEEM is a free non pegged currency that could hit 10, 20, even 50$ in the future if STEEM becomes mainstream. More users on a lower amount of floating currency = higher price of STEEM. Right now the early adopters are selling faster than the new people buy the flaoting STEEM.
👍  , ,
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vote details (3)
@shello ·
Caught in an interesting position at that point as STEEM is the actual liquid crypto, and SBD should always be around a dollar in price. What I see from your post is that NOW IS THE TIME to be buying STEEM, in the future it's worth will go up. That's not to say that everyone should be blowing all their SBD, because the in platform currency collects nice interest AND is needed to add weight to payouts from writing and curating. 

Great post, upvoted, followed and resteemed
👍  ,
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vote details (2)
@voxxer ·
Thank you. After reading and re-reading 44 pages I feel a bit dizzy, But I believe I finally figured it out. So I did get the two mixed up. Hopefully, this will help others also an not just me....lol 
Sorry for speaking out of turn. :)
👍  
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vote details (1)