STEEM price continues to drop against the Bitcoin. Many probably have lost faith in this coins, although it has a real usecase, and it does have potential.
Technically BTC dominance should be starting to move down, and I'd expect it to be near 60% of the total coin market cap. And as I mentioned in some of my previous ideas, if BTC.D would in fact start moving...
- Nothing to says for STEEMBTC while it's moving inside down trend pitchfork. Get out from it might had a change for STEEM/BTC to survive which took around Q4 or next few years depending STEEMBTC movement.
- support and resistance. to avoid much clutter on the main chart.
- Indicators (CMF, CCI and OBV) is still on...
STEEM / BTC TA
As see from TA, we are 75% into this pattern formation. STEEM is known for abrupt pumps and due to over 95% correction, we can expect to see strong bullish momentum building up at this time.
D4rkEnergY is ONCE again back with more wisdom and love to crypto community, and especially to his followers. This time we are looking at STEEM:BTC -its not often we do it, but we are here looking The Monthly chart!
First of all: This is not a joke. TA supports in fact this possibility with the more than a 1 year long descending wedge, which is a Bullish...
I love this market because there are endless possibilities...
Almost every coin is as cheap as never before (in btc value). People are afraid to buy and the media also report nothing positive. That's how I love it.
Today I'd like to introduce you to Steem, who also just joined my portfolio. Just like Siacoin, we see a perfect ABC correction with a contracting...
STEEM/BTC has just reached previous low, where it rejected the fibonacci support. From now it could be that price will start to consolidate for the time being, but only if support will hold.
The scenario where the support is broken can be seen on the chart, but while holds expect range trading or even reversal.
Based on my BTC precition (chart can be seen below),...
The interesting point is that the uptrend trendline is holding, providing some support for STEEM/BTC. As long as price remains above the trendline STEEM is likely to continue range trading within the orage area.
Break above the range could be that long wated uptrend confirmation.... at least for short term.
In the mean time, risk of break below the uptrend...
- Great volume profile
- Elliott wave showing potential reversal
- Functional platform with users
I am buying some now and will add if we dip lower..
So yes I think Steem will see a nice reversal in trend
Stay profitable out there.
Based on the downtrend channel and the fibonacci timezone indicator, STEEM/BTC could have approached the bottom. From this poin onwards it could range near current levels till September this year. Although pretty soon we might see an exponential growth towards the end of 2021