Hi, today we are going to talk about Steem.
We observe a strong bullish wave at Steem, that received a great Bear defense at Gann resistance, followed by a Bearish engulfing. If this engulfing get confirmed we are going to get the levels of Fibonacci below as damping and Gann as strength test.
Thank you for reading and leave your comments if you like
We see some special conditions. In the MacD indicator we see negative divergence. Bollinger indicator bands have shrinkage, indicating a sideways trend.We'll see a big positive move soon, but it's important to find the right buy point.steem dumped befor to 0.0000110 and chart show that best point to buy will be between 0.00000865-0.0000110
best buy point now on...
Reached support level at ~1600sats, interaction in the past with this level lead to a bounce back to ~1900sats.
Current volume is non-existent (less than 3BTC on binance over the last 24hs).
So please avoid taking a trade here unless we see real bounce signals.
This is such a humongous project that I don't have enough weeks to try to explain it here.
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Yes, this chart might look whatever and wherever, don't worry too much about it.
Just find out all you can regarding this coin.
- 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 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...
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...