tommyjose92

STEEM DOLLARS AT PARITY - POSSIBLE BULLISH SIGN

POLONIEX:STEEMUSD   STEEM / US Dollar (calculated by TradingView)
Today we can see on the daily chart the steemians currency, the steem dollar, reaching an important psychological level that has served as support on past occasions.

If we see this daily chart , we can realize that for the 2 months the price of the steem dollar has been ranging between 1.50 and 0.80, creating important signals at this levels. Today, the price is reaching the parity level and we might see some important signals that might give us a clue that the steem dollar is on the way up.

This signals are:

1-Price reaching the parity level at 1.00
2-1.00 or parity level being reached three times in the last two months, going up on the three times almost to the 1.50 mark.
3-200 Moving average acting as an important sign of mobile support and being respected for the last 5 moths.
4-Last 6 candles being bearish in a consecutive way, giving for this reason a strong argument to a bullish candle for the next days.

My advice would be:

1-Waiting until confirmation of at least one bullish candle with a strong sign to enter,for the risk takers, and one bullish candle followed by another confirmation candle for the most conservative ones.
2-Stop Loss below 0.80 to create a good space for the currency to breath before going up.
3-Take profit at 1.50 to take profits is a good amount but being aware of the channel and resistance at the 1.50 level, if you put your stop loss at 0.80 you have a good 1 / 2.33 risk reward ratio.

If you have any doubts, comments or suggestions, I am here to serve and help.

God Bless Us All.
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