STEEM - Support Line Broken
Hello all,
The STEEM has unfortunately broke the support line that I traced in orange :
This resitance line is now the next objective to test :
- If we are able to break it, we will use it to start again a UP.
- If that resistance line is enough strong to block us, it will give new lows to Steem at short term.
I wish you massive profits and a happy New Year,
Cryptopassion.io
Disclaimer : Never invest more than what you can afford to lose. This post is my personal opinion, do your own research before making any investment decisions. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.
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From another perspective @dan is almost finished selling STEEM only 980K to go from 3.5M. He already sold 2.6M and largest whale who wanted to get out (probably full concentration on EOS). Therefore, sell pressure is much much lower. Once BTC returns to bull mode and if HF20 is released we may see higher highs and ATH. I believe next support level is $3.5-$3.8 (0.00027-0.00030) and resistance at $4.5-$4.8 (0.00035 to 0.0004).
I'm confused why this is such a big deal considering when I joined 1 month ago Steem was less than $2. Are we all just spoiled here?
what is the next support line ?
I see this area as a good buying opportunity in STEEM. Checkout my analysis: https://steemit.com/steem/@dirkboy41/steem-possible-good-entries-coming-up
Steem has a beautiful marketing and business idea, they actually know what there doing and there cryptocurrency is actually legit and will rise over time. Unlike all these others ones that people are just daytrading, those are a easy way to make some fast money but aren’t reliable at all. Steem all the way
great post #cryptopassion
You are exactly right steem has broken support. Where do you think the new support and resistance lines will form? This was a great post👍 Thank You for sharing the information and excellent charts.
Awwww , i invested my reserves in Steem 100% !! @cryptopassion
We had a similar break through a support line on Stellar Lumens yesterday, and then it caught and went up again, and broke out of the triangle today. Now Steem is not exactly Stellar, but it might happen.
You can see that it's in a triangle, nearing the end of that triangle, and it must go somewhere.
With most people insecure these days, and the FUD from Korea... everybody sells and then looks at the chart and wonders why the coins are going down.
BECAUSE THEY SOLD, AND SOMEONE ELSE IS NOW DOING THE SAME.
I saw it as a bullish wick yesterday, and I held (on XML). Not the end of the world.
If their's a panic, then the projects with the most successful tech, might be the most safe places to hold your tokens.
All assets move up and down, the volatility of different assets will depend on many fundamental or technical factors. Steem and Bitcoin cannot trend higher without market corrections. A decrease or drop in price is a "normal" event to see in a market, so long as the asset still offers value longer term, there will be opportunities to buy and sell the cryptocurrency.....will be interesting to see what 2018 holds for the various cryptocurrencies....
Thank for the info bro