Price Analysis of "STEEM/BTC"
Keeping things simple in TA is more powerful in practice than you can imagine. This is my previous post here regarding STEEM/BTC. To recap, after an initial push down in price, we found ourselves closing in on that all-encompassing trendline as well as making a lower high. Let's explore a little further now, shall we?
Following on, we can see that price has made yet another new lower high at around the 10,600 sats level. After that, the red candles have kicked in once more as it's looking more likely we're headed toward that ominous trendline on this next run to the downside. Hence the target should be around 8800 sats, although bear in mind that the line keeps gradually climbing higher every day. And as I mentioned before, if we break and close below it, things won't look so optimistic anymore.
The 200 Day Moving Average is also adding to the bearish pressure by persistently remaining slightly tilted downwards. But it is a very weak signal and a nice push up in price can change it's trajectory quite easily. I'm watching this particular indicator quite closely.
The MACD is now officially in negative territory which is good to see, however their is no sign yet that the blue and red lines are about to cross. It's still quite strongly headed down for the time being. The indicator that I'm most concerned about is the RSI which is still now comfortably away from oversold territory. This shows that price may still have some room left to push further down. As you can see, a few days back we actually got quite close to this area but didn't manage to get there. From the looks of it, we are ready for the next downmove.
So, all in all, a bit of a mixed bag. I'd feel much happier getting our expected bounce off that precarious trendline out of the way. And it could literally happen anytime now. One quick spike down to touch it, is all that's needed. And remember that as long as we are above this important line, we are bullish and I will keep on viewing things this way until price shows me differently. So "If" and when the aforementioned happens, we can reassess where we all are and plan accordingly.
As always, stay diligent and remain disciplined, my Steemian peepz!
I’m just being hopeful, but looking at the analysis and all the fingerprints on the walls around Steem, then I shouldn’t hopeful.
Posted using Partiko iOS
Price will rise eventually , I'm sure. All you need to do is just wait it out. :)
We will wait @ezzy :)
Posted using Partiko Android
I’m ready! Funds are waiting! Probably this week I will get comfortable to buy this month’s bag of Steem!
Posted using Partiko iOS
The nearer towards that trendline, the better the price you'll get. :)
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