Follow Up on the "STEEM/BTC" Price Analysis

in #life5 years ago (edited)

Here's a link to my previous post regarding my take on "STEEM/BTC". As we've seen, price hit the levels I had previously mentioned and even a little below it too. Basically, we are at record lows in this pair. Seeing as this is the case, here's a follow-up as to what I can potentially see happening next...

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I ask you to move your attention to the red line on the chart. This has acted as descending resistance since way back in March this year when we topped out at around 14,500 sats. This is significant because should we break above that line, I believe a much-needed rally will ensue. Now, the thing is if you extend this line downward, the red line will hit eventually hit "0". And that is scheduled to occur just after the middle of June. Although around 5,200 sats may be a first potential target, given there is a longer term trend line meeting at the point. However, what this means for us is that space is fast running out for price to move within. We literally cannot go any further down and the only way will be up. Only thing is I'm not sure at what exact price levels the bottom will be. So, there are two distinct plays here.

The first is to wait for price to cross and "hold" above the red line. That should indicate we are ready for a bullish run and therefore placing a buy from that point forward makes total sense. Or we could simply dollar cost average in from here, given how little room to the downside is left. Either option will almost guarantee profits.

I know that price has been dropping and everything is all "doom and gloom" at the moment, but make no mistake, we will get a turnaround and that time is imminent. Buying STEEM at these levels are too attractive to even comprehend. We are sitting at record lows, the charts are oversold (as you can see by the RSI and MACD) and the platform itself is actually running better than ever. This is as safe a trade as you will ever hope to get when it comes to crypto trading. So don't get caught up in all the "FUD" chat (such as this Steemit 2.0 nonsense) and maybe think about investing now, if you haven't already done so. Again, this chart is literally screaming a buy!

In regards to where we might wanna take profit? I'd say first at around 10,000 sats and then 20,000 sats after it. But I'll definitely update my blog as price movement continues to unfold. Wanted to get in on cheap STEEM and were wondering when to do so? Well, the way I see it, now is "the" ultimate time. The gains could be astronomical if things work out. I know I'm putting my neck on the line saying this but just check out my previous calls and see for yourself how many winners I caught. Hopefully, this time around won't be any different.

And, as always, stay diligent and disciplined, my Steemian peepz!

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Hope you enjoyed this post, please look out for more on the way... (author: @ezzy)


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The asset is attractive on many levels and price is only one of them. The opportunity continues to build as the fundamentals around the ecosystem continue to improve despite the FUD and other concerns which are all in the price already. Great risk/reward setup here indeed!

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Great risk/reward setup here indeed!

Perfectly said! :)

Nice following these your trading analysis both good and bad times.Thabks for sharing

Anytime! Thanks for stopping by. :)

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