Steem /USDT Technical Analysis - 22.06.2021
Steem price has dropped drastically in recent days. Steem, which was $1.44 2 months ago, is now $0.243. Something is really wrong. The news from China also affected Steem from different angles. The very bad times of cryptocurrencies are actually the best times to buy. It is a great opportunity for patient traders.
(tradingview Steem /USDT chart)
When I place the MACD, RSI and Bollinger Bands on the Steem /USDT chart, the RSI and Bollinger Bands give a buy signal. The MACD indicator, on the other hand, shows that the downtrend will continue. I don't mind this much as the MACD indicator is a late signal indicator relative to the RSI and Bollinger bands.
Steem price is in contact with the lower band of the bollinger band. This is an important signal that the price will increase. Steem price has dropped enough and will start to increase after a while. The distance between the Bollinger bands has increased because the price fluctuations are large.
The RSI value is currently 20.40. When the RSI value reached 25 or below, this meant that it was oversold. We can deduce that the sale is complete and everything is available for uptrend.
There is no clear signal on the MACD indicator at the moment. There is an image that the decline will continue a little more. The MACD line has crossed the signal line downwards.
Honestly the drop in steem is really depressing and u expected
RSI and BB indicators show that the price is now going up. I think the price will increase after a while.
I hope too
I think the correction phase shud be ending tho
Obviously it is high time to buy cryptocurrencies. I have already buy some steem coin. And there are also a order to buy more at a little bit low rate considering now.