Steem Pushing Up this Morning

in #steem5 years ago

I've been watching the price of Steem since we saw the run up on February 28th. I made a tweet noticing that the weekend was coming up hoping that we wouldn't see a strong sell off during a period of lower activity.

I thought the run was over when BTC took a bit of a dip early this morning, but I'm pleasantly surprised to say that just might have been the last move down Steem needed before making its next leg up. The bulls have seemed to step and pushing the price back up regardless of what BTC is doing.

It would be nice to see the price of Steem break out as to the top of the flag line crosses the horizontal line. Why? No other reason other than I think it would be cool.

I almost called a cup and handle formation playing out on the 1 hour chart this weekend, but the right side of the cup ran up too fast and then the pattern didn't end up playing out.

I'm keeping an eye on this as I think it has the possibility of breaking the previous local high of 0.000125 BTC. I've made a couple of complements saying that I was considering setting up a sell order for 0.00013 BTC at nights just in case something crazy happens and I'm not at my desk to see it.

I don't think we'll be able to break and hold that 0.00013 BTC mark on the first try as we spent almost 90 days around that price as support then resistance until we are clearly out of the bull market. I tend to agree with what some people are saying on twitter that we are coming close to the end of the bear market, but are not yet back in a bull market.

Let me know in the comments below if you agree, disagree, or I am completely out of my mind with this TA.

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I think STEEM might be making moves based on strengthened fundamentals. It was listed on Huobi recently. Also, Steem-Engine made token creation available to everyone.

Very possible. I think the initial leg up could have been due to the Huobi listing.

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Fundamentals will eventually help assets like Steem become more decoupled to bitcoin’s movements! It seems so undervalued in comparison to others that the risk/reward seems quite attractive even after doubling from the latest lows!

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I am not so good at Cryptos but I think I agree with all you say.

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