STEEM touching the trend line - Reversal?
There might be a chance to enter a long trade here but first let's examine the 4H chart a little bit.
We can see an unperfect possibility of the Head And Shoulders formation which is coming to an end near the trend line. This is in correlation with the Fibbonacci level. Inside the right 'shoulder' we can see an inperfect descending wedge. Bulls and Bears are in war here and there is no clear evidence about the next move of the market (sounds funny:)
We should consider a few things here:
1) We are touching a trend line - possible strong reversal. For that we need bounc of RSI from the oversold area supported by volume. I suggest validation of the changed trend by setting a pending order above 0.00042. We want to see nice strong green candles in the new direction. Otherwise it can be only a local swing and down.
2) Head And Shoulders is a bearish sign and quite reliable. Here an imperfect version.
3) STEEM community is growing very fast. The platform itself is an awesome social media on a blockchain where authors are payed by upvoting. One actualy working aplication among many un-human IT projects. Core members and active users of the product 'never' sell.
We will keep an eye on that. Stay posted.
Good luck and peace!
We can see an unperfect possibility of the Head And Shoulders formation which is coming to an end near the trend line. This is in correlation with the Fibbonacci level. Inside the right 'shoulder' we can see an inperfect descending wedge. Bulls and Bears are in war here and there is no clear evidence about the next move of the market (sounds funny:)
We should consider a few things here:
1) We are touching a trend line - possible strong reversal. For that we need bounc of RSI from the oversold area supported by volume. I suggest validation of the changed trend by setting a pending order above 0.00042. We want to see nice strong green candles in the new direction. Otherwise it can be only a local swing and down.
2) Head And Shoulders is a bearish sign and quite reliable. Here an imperfect version.
3) STEEM community is growing very fast. The platform itself is an awesome social media on a blockchain where authors are payed by upvoting. One actualy working aplication among many un-human IT projects. Core members and active users of the product 'never' sell.
We will keep an eye on that. Stay posted.
Good luck and peace!
Comment:
We see a similar movement like in Sia and many other coins right now. We are currently in a heavily oversold area and that is the only reason for hold one more day. If BTC run to 4000 we will see more down fall in my opinion so a possibility of shorting the position cross my mind. Consider how low we are. There is more space to go up than down. Sitting on your hands and doing nothing could be the best option at the moment. There is a nice nice buy wall on Poloniex. If it is not fake than there is chance for the change of the direction.