Scenario casting two possible moves for STEEMUSD.
Currently forming a nice break out pattern with a smaller breakout pattern formed at the top of trend line. This further squeezing is normally is a very bullish indicator of an impending breakout to the upside. However, it appears that there is no buying momentum to break out now, which will more than likely result in a spill further down. Should this be the case, we can expect consolidation near the key $3 level.
There is a head and shoulders pattern that isn't the clearest, but on completion would target $1.50. At this stage, the bearish scenario looks more probable and provides the greater risk/reward should you decide to trade.
On the flipside, should STEEMUSD break out to the upside, we can expect a re-test of the $4 area.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Currently forming a nice break out pattern with a smaller breakout pattern formed at the top of trend line. This further squeezing is normally is a very bullish indicator of an impending breakout to the upside. However, it appears that there is no buying momentum to break out now, which will more than likely result in a spill further down. Should this be the case, we can expect consolidation near the key $3 level.
There is a head and shoulders pattern that isn't the clearest, but on completion would target $1.50. At this stage, the bearish scenario looks more probable and provides the greater risk/reward should you decide to trade.
On the flipside, should STEEMUSD break out to the upside, we can expect a re-test of the $4 area.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
Comment:
Tricky dicky. False break out the top. Marginally higher high = Bearish
Comment:
Classic manipulation at its best. Expect price to reach target at $1.50
