not a whole lot to TA, but support and resistances are looking good.
previous bearish OB turned breaker. huge wick into this breaker even touched the wicks of the lower creek.
again looks like its coming to the end of its accumulation.
- perfect jump across creek on strong volume confirmation.
- this one didn't have a spring like some other accumulation...
💎Technical Analysis Summary💎
-STEEM still has 1 day left before the weekly candle closes
-It is now trading below the weekly key level of support
-Technically, this is bearish in terms of price action
-If you are a long term bull, this level must not breakdown
-Because new price discovery and longer consolidation will occur
-This coin is back at previous Swing Low located at 1700 sat range
-This area of support was previously a resistance zone
-Today, can STEEM confirm this area as still a valid Key support?
-Well, there is a chance if STEEM can pass 1900 sat and up
-But if the market becomes unstable in the next few days
-This support might not hold and send the price...
STEEM has broken the daily resistance level at 2381 by wicking above the daily resistance.
If new candle opens above daily level, then we may see some move upward till monthly resistance. It is the 3rd time the monthly resistance is going to be tested.
The more times a level is tested, it becomes weaker.
We may see the monthly gets broken due to
-A bullish breakout of local resistance
-New immediate support at the 2900s
-50ma acted as dynamic support
-Broke above 20ma minor resistance
-Upside target is up to 4330s
-Stoploss is below 50ma or 20ma
on 17th of March 2020 I posted an article where I revealed that the priceline of Steem has completed a bullish Shark pattern the formation of this pattern was started on 25thf November 2019 and completed on 9th March 2020. And as per Fibonacci sequence of bullish Shark pattern I predicted that the Steem will move up from here atleast between 0.382 to 0.786...
STEEM just had a big false breakout reaching over 200% pump, if STEM will repeat this type of scenario,
we could expect minor bounce up over 55% move inside this ascending channel.
The stop-loss is below green trend-line support which is the key area for this short term rally.
A strong resistance level the main cause of drop:
Hi folks hope you are well and welcome to the new update on Steem with US dollar pair. To understand the current downtrend we need to go back in November 2019. When the price action was move sideways and took a powerful bullish divergence in January 2020 and broke out the 100 simple moving average resistance....
Hi friends hope you are will, here I have found another profit potential trading idea for you and this time I have found a harmonic move by Steem. The Priceline of Steem has formed bullish BAT pattern and entered in potential reversal zone and ready for bullish reversal soon.
Let’s have a look on the Steem’s move:
The drop rates and fibo levels are on the chart, they must be 11-17 usd in the 2020 range or 2023 range
It dropped about 98%, then saw the 1.886 level of the fibo drawn between the peak and the bottom and closed weekly at the 1.272 level.
Similarly, it dropped nearly 99% from its new peak. If the fractal movement occurs, the fibo level drawn between...