If people trade STEEM for BTC and they see BTC go up in value but decide not to sell STEEM, that is the equivalent of accepting that their STEEM has also increased in value. Example:
Say I use 5 USD to buy BTC to use to buy STEEM with, because I think 1 STEEM is worth 5 USD. Let's say I want to sell that 1 STEEM once it's USD equivalent value goes to 6 USD. That means that if BTC goes up 20%, I should now sell my STEEM for BTC and convert that to USD. IF I DON'T do that, then i must think that the value of 1 STEEM has now INCREASED to 6 USD. Hence if the value of BTC goes up in USD terms but the BTC equivalent of STEEM stays the same, one has to assume that the value of STEEM has also increased.
This is the reason why Tradeviewer converts alts into USD equivalents whenever possible.
RE: STEEM: Fractal Analysis & Pattern Say Serious Breakout Potential is at Hand