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Steem / Bitcoin

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Steem - we are in my "Alert Zone"As previously forecast, our patience has paid off. Steem has returned to the area I highlighted in advance. There is no disputing that Steem is in a downtrend. However, we are on ALERTto see if it is reaching oversold. Note this is a CounterTrend trade - so initially trade small. If and when we get our long signal and trigger this presents a very low risk high reward opportunity for us and then we can add to our position, to maximise profit. These are the trades you want to look out for which others won;t be awake to. So stay alert my friends. If you wish I will keep you posted when I see a trade entry ... Hope this helps. Sean Vengan, Professional Cryptocurrency Trader and Trading Educator
by UnknownUnicorn1063189
11
STEEM touching the trend line - Reversal? There might be a chance to enter a long trade here but first let's examine the 4H chart a little bit. We can see an unperfect possibility of the Head And Shoulders formation which is coming to an end near the trend line. This is in correlation with the Fibbonacci level . Inside the right 'shoulder' we can see an inperfect descending wedge. Bulls and Bears are in war here and there is no clear evidence about the next move of the market (sounds funny:) We should consider a few things here : 1) We are touching a trend line - possible strong reversal. For that we need bounc of RSI from the oversold area supported by volume. I suggest validation of the changed trend by setting a pending order above 0.00042. We want to see nice strong green candles in the new direction. Otherwise it can be only a local swing and down. 2) Head And Shoulders is a bearish sign and quite reliable. Here an imperfect version. 3) STEEM community is growing very fast. The platform itself is an awesome social media on a blockchain where authors are payed by upvoting. One actualy working aplication among many un-human IT projects. Core members and active users of the product 'never' sell. We will keep an eye on that. Stay posted. Good luck and peace!
Long
by AwesomeTrade
2
STEEM Trading ScenarioHello, Today I will analyze the social media platform coin named STEEM. Similarly to most altcoins, STEEM/BTC took an important (but waited and quite due) correction after going from 6k in March to its all time high at 100k in May (16x growth). Today STEEM/BTC trades around 40k which represents 60% in retracement. But with BTC coming back on its feet and with the current chart setup of STEEM, good opportunity of trading could come. Indeed, on the chart you could see that STEEM/BTC is inside two descending triangles which are bullish patterns because it tends to break upward. STEEM bounced on the bottom of those triangles several times on the last months. At this level as you can see we also have a 0.382 Fib resistance (dashed black line) and also a longterm upward trend (purple line). Yesterday this purple line and the bottom of the triangle intersected and the price bounced on it. The first triangle (between the lower black and the orange lines) is a short term one which should resolve before the 11th of august and a medium term one (between the two black lines) which should resolve before the end of August. If the first triangle brokes upward we may see an uptrend in order to test the the top of the descending triangle (up to the upper black line maybe up to 45-47k). If the uptrend momentum is big enough, we could even see a break of the second triangle. But I think we will have several bounce inside the second triangle in August before it breaks. If this second triangle break upward we will test the 0.618 fib resistance around 64k with maybe a small stop at the “fake” fib 0.5 resistance around 53k. If one of the triangle breaks downward STEEM may go down to 28k at the 0.236 Fib resistance. If this support doesn’t hold we may revisit 20k. On the indicators side, the mix of OBV, ADX/DMI, RSI , Volume Zone and MacD doesn’t give a strong buy signal because they don’t concord at the same time. The best signal is shown on the chart with the green B letter around 38k which also correspond to today price range. In conclusion, It may be a good time to buy some Steem (at the bottom of the triangle after a bounce for a more risky bet or when the triangles break for a safer buy).
by Tompouce