March 12 2019
Current Price $0.53
Macro Daily Bullish Descending Wedge.
Long Downtrend pressure going back to September of last year.
Recent Uptrend Recovery from Bearish Crypto WInter Lows.
However, Bulls have overperformed. Oscillators are overbought. Price extended beyond the Bullish channel.
What's next? I dunno. Maybe a...
The +DI is above the -DI and the ADX is twice the required value to term the market as trending.
So I can say, although conservatively, that short term long positions may favor the brave. However the market has tested the support line more number of times than it has breached the resistance line - that could indicate a pullback happening pretty...
- look at the curves in the volume on Daily chart. Normally a bottom can be indicated by 2 consecutive curves like that. 1 for the dead cat bounce and 1 for the real bottom. I'm almost certain that Steem is gonna find its bottom this month or next.
- Rsi Almost hit the oversold on weekly, still have a bit more to go.
- Rsi is forming a bullish divergence on...
Be carefull out there. Lots of alts look like they are about to capitulate.
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Overall the market looks good. If continue the bullish trend and break through the consolidation area, would be a very good sign, and the price will more likely continue much highere.
I see this price as a really good buying opportunity. Longer term I see STEEM taking off like a rocket.