Steem Price Will Probably Hit $1 Or Lower Soon - No Need to Panic! Simple Chart Fibonacci Retracement

Hi There Steemians!

I know its been hard watching the price of Steem going down recently but most charts I have looked at are simply retracing to known Fibonacci levels. Fibonacci are a sequence of numbers which are prevalent throughout the universe, nature, and even your body parts:

It has historically also been successfully applied to trading charts.

The Fibonacci trading tool is very useful as it can show on charts how much any financial instrument will retrace after a big hike as we have seen in Bitcoin and Steem recently. Using the Fibonacci tool you draw a line from the bottom of the uptrend to the highest point. This will give you levels of:

0.236 % - Holds on an Uptrend
0.382 % - Holds on an Uptrend
0.500 % - Not as Reliable
0.618 % - Most Common Rebound Level!
0.786 % - Best Rebound Level!

Steem is currently approaching the 0.618 level on this chart and is a well known price that traders will be looking at. It is a normal occurrence and I bet they are just rubbing their hands together waiting with all their buy orders set around that price! Also I noticed it has already previously bounced from that level which makes it an even stronger support for that price.

Here's my snapshot of a TradingView chart showing the daily Steem chart with the fibonacci levels added. As you can see, it looks like it is heading down to the 0.618 level:

I guesstimate that it will bounce off that level around 90c - $1.00. Its going to be hard for it to break that but if it does then we're looking at the 0.786 fibonnaci retracement which would really be shocking!

Last, but not least, what is the Fibonacci tool and how does it work? Here's a great video by a youtuber I follow called High Altitude Investing which I think explains it quickly and well: