STEEM: Playing with the 61.8% FIBO support
As prevented yesterday, STEEM is now "playing" close to the 61.8% FIBONACCI's Retracement support. See Yesterday's chart:
At this point I think we can find good support for rebounding but, in this case, the Bull Flag would not be totally accomplished.
As you can see in the chart below, STEEM seems to fight against going down deeper, and perhaps is drawing a "mini-bear pennant" there:
If the "mini-triangle" breaks at (e) I'm expecting another run low, searching the "E" point on the Lower Support Trendline:
So, I suspect that a lower low is coming in the next few hours...not tragically... but necessary to activate the BULLS...
Thus, the positive view is that it would complete the BULL FLAG according to the "Theory" and the most likely trend afterwards would be rebounding strongly upwards and triggering the Bull Rise after crossing the Upper Resistance Trendline
Steem on!
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently.
Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
)