Steem & Bitcoin - Daily Downtrends Remain - Broader Crypto Correction Possible - Recommend Hold/Wait For Entry

The downtrend on the daily chart for Steem remains intact. However, Steem may be close to retesting that trend-line. I am personally waiting for an entry point at either a lower level or after confirmation of a trend reversal.

Here's a look at the downtrend on the daily chart:

Here's a look at the downtrend on the hourly chart:

Medium- to long-term I remain extremely bullish, (particularly on Steem but also on Bitcoin.) Short term, I am concerned a downtrend in the broader crypto market may drag Steem down, and I think this is currently an event which is being underestimated in likelihood in the community. I'll add a reference on that note towards the end of this post.

Bitcoin appears to have punched above the downtrend line, but it is early to call it broken. I am concerned about the sequence of lower highs and lower lows. You may also notice the order book remains significantly deeper on the sell side (at least at GDAX):

Here is @Crypt0 presenting the case for a broader crypto pullback with very clear visual aids. Those who have been around for several Bitcoin run-ups and crashes will reluctantly find it difficult to argue with his logic, particularly here:

Here is a link to the video segment covering this possibility:

If you get bored, watch the dog go T-Rex on that bone.

Sources: My charts + @Crypt0's chart/video. Please check out his channel and blog!

Note: This is not investment advice and I am not an investment adviser. This is merely unbacked speculation.