A quick look at STEEM shows me we are in a longer extended triangle correction with A-B-C-D-E touch points. Now, sometimes the (D) touchpoint also becomes the breakout. I am unsure of the percentage here and am hoping a comment warrior can help me out but for sake of the illustration, I'd say that maybe 60-70% of the time we will travel down to point (E), hit our touchpoint and then break up. That leaves us with 30% of the time that we don't. Point being, we are close to a breakout of our triangle here.
Now, because of the extended nature of this particular correction (RED TRIANGLE), I have cloned our purple and multiplied it by two (2), an estimated length of the triangle. I have built the fractals on top of each other from an assumed touch point of (E) to reach our first shorter term target of $17, a 400%+ profit margin from our current price.
Longer term I see STEEM taking off like a rocket. I do believe that it is well within reason that STEEM reaches $35 by year end (and I think this $35 target would only be the end of wave #3 - meaning we could go higher). This would constitute a nearly %800+ profit.
If you want to place your bets on an alt coin that will be around for a while AS WELL AS one that will net huge gains, I do believe STEEM is the coin to be in.
Veering away from here, DTUBE (a decentralized video platform built on the STEEM technology) has recently picked up many major YouTuber's and this transition is about to avalanche with the Google Ad issues that we have been seeing in news stories recently. This will only serve to propel STEEM into newer territory and token highs.
Brace yourselves, STEEM IS PICKING UP. The STEEM propelled rocket will be launching soon.
Happy trading friends.