Hello all, after 2 weeks of holidays in back in the crypto world!
Steem is showing a possible cup&handle formation, An healthy retracement followed the strong uptrend happened in during April, in this scenario the impulsive 5 waves and ABC correction are clearly visible.
On the daily chart supports match well with the fibonacci retracement, the price actually sit on a 4hr support and seems to consolidate but could briefly touch the next stronger support around 3500sat, could also be the end of C leg and the 0.618fib
On the H4 timeline the falling wedge is squeezing but is also visible a small hidden bearish RSI divergence, this could shortly lead right in the daily support I mentioned before.
Next hours should tell us more information, watch out the price for a possible reversal signal!
Steem is showing a possible cup&handle formation, An healthy retracement followed the strong uptrend happened in during April, in this scenario the impulsive 5 waves and ABC correction are clearly visible.
On the daily chart supports match well with the fibonacci retracement, the price actually sit on a 4hr support and seems to consolidate but could briefly touch the next stronger support around 3500sat, could also be the end of C leg and the 0.618fib
On the H4 timeline the falling wedge is squeezing but is also visible a small hidden bearish RSI divergence, this could shortly lead right in the daily support I mentioned before.
Next hours should tell us more information, watch out the price for a possible reversal signal!
Trade active:
Panic dip caused by BTC recovered, the handle could happen a little faster
