An Update on The Price of "STEEM/BTC"
Well, the sparks are flying now, aren't they? We reached a high just a smidgen under 14,500 sats earlier on today and the general sentiment seems to be up. anyone who bought up STEEM at lower levels are in huge profit and now would seem a good idea to take some off the table. But then again, could they be more to this current upmove?
Of course! The way I see it, we are still way, way near the bottom of the chart if you zoom out far enough. This uptrend has the makings of turning out to be a real doozy! However, funnily enough, I'm hoping for price to take a bit of a breather first. We've seen moves like this in the past where a huge breakout in one direction leads to not only another huge reaction the other way, but also of a period of price consolidation and thus, stagnation. I'd prefer the scenario where we have a smoother flow of upward movement in price, including healthy pullbacks. This, I feel, would prove to be the best way for STEEM/BTC to play out from here.
Also the 200 daily moving average is looking much better. I predicted that it may take a week for the line to begin curving back to the upside, but after a mere two days and we already have that occurring. even if the gradient is quite slight at this point, pace can easily pick up going forward. I'm pretty happy with the way things are progressing. But what of targets we could potentially be looking at?
From my perspective, there is resistance at 15,000 and 18,500 sats. After that, we could possibly have a run-up to around the 25,000 sats area before any pullback area is met. That would be like a dream come true, right? But let's not get ahead of ourselves. I try to concentrate more on the "here and now" of the situation at hand, so let's see whether these first two levels will be broken. I am optimistic though, as I've mention before, because of the overall bullish formations in price. Make no mistake, we could have a long way to go upwards from here.
So, advice on what to do right now? I'd say hold on tight and maybe add "a little" to your position, if you get the chance. Bare in mind, as long as price stays above the 200 daily moving average. Anything can happen and we will get turbulence along the way. No chart keeps going in a straight line either way. But with a little patience and logic, this could work out quite nicely for all you STEEM holders out there. Best of luck and stay vigilant at all times. Peace!
Yeah I second this totally, exactly my thoughts...
Hmmnn Ezzy, I've been feeling your analysis for a while now, they been ringing correct....
I'm glad I'm on this flight with you....
Thanks, bud. I'm sure I'll get a few calls wrong at some stage, but hey, that's TA for you. :)
Lol I know right
Sigh, steem always follows boom and bust cycles. I wish people wouldn't get caught up chasing price rises. Build floors not moons.
Exactly. Building floors is the way forward. Catching moons most certainly not.
Just a question though it is hard to predict, Steem went as far as 0.00085 btc and as low as 0.000065 btc, it is too wide of a swing. Will steem ever settle at 0.00025 to 0.0004 btc?
Well, at the very least, we know 0.000065 is very far from the 0.00085 that it once was. In other words, an extreme. Thus it makes sense to buy up or sell at levels nearer to those corresponding prices.
Still waiting to get some more! Feels like the opportunity is running out but at least it is at a measured pace which is great to see. I prefer for stability than volatility as it could drive more adoption outside the ecosystem.
Posted using Partiko iOS
At current levels, it's a game of patience and "wait to see what happens next". :)
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Yeah hope so.
This is what I am feeling.
It's probably gonna go up from here :)
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I sure hope so, bud... :)
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