Been a few weeks since I've discussed the price action of steem. So let's take a look and see where we are at!
Same Levels Still Coming Into Play
This is the daily chart of Steem/USD and all the support and resistance lines drawn are the same ones that were there last time I did a review.
Looking at the chart you can see we bounced of the 2.60 support area on an intraday basis five days ago.
It was encouraging to see that and then without much of a surprise, we saw price run into resistance at the 4.30 area.
The current candle failed its attempt to breach that resistance and we are now seeing a doji candle (indecision candle) as neither the buyers or sellers are in full control at the moment.
So it looks like we are currently established in that 2.60-4.30 range, which I'm more than fine with for the near-term.
Looking back further...
You can see numerous instances where price tested and bounced off 4.30. It did the same thing with the 2.60 area on the occasions it failed to hold 4.30. These make for good reference points for entries and exits.
Outlook
For the upside, we need to establish above 4.30, then ideally $5 before we can take a run at that 6.75 resistance.
On the downside, let's just hold 2.60 as a bottom so we do not have to worry at all :-)
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Best Regards,
Disclaimer: All info in this post is my opinion and for educational use.
Free e-book: ScaredyCatGuide to Knowing What the Heck Bitcoin Is
Best Regards,
Disclaimer: All info in this post is my opinion and for educational use.
I see two peaks there and will definitely test the third for that usual bull run from the fence. @scaredycatguide It is apparent that SBD price follows BTC and STEEM price which is awesome for content creators and for their retention in this community.
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That's a hell of a self upvote for a comment, but to each their own. And yes, we need a third peak, with ideally a break of the 6.75 level. Definitely feasible.
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Yes I do that to push up my name for advertisement purposes. I don't know why its a big deal for you, do you say it to whales?
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Not a big deal for me, why I said "to each their own." I wish for everyone to prosper.
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Very promising :) Hopefully we jump to 5 and up in the next few days!
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Fantastic article! I've followed and up-voted your post i look forward to your future content!
For info and technical and fundamental analysis of Crypto's, an insight into how the whales manipulate the market and how to get involved in an exciting 12 month millionaire challenge we've recently started, check out @cryptobroye :)
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It did sneak up to above $4.40 today according to Coinmarketcap, but it's fallen back a bit. As I write, it's at $4.30.
More happily, STEEM's moved up in rank from #26 to #25.
Have you seen SBDs? They've gone gaga again. 1 SBD is close to 1.1 STEEM on the decentralized exchange. Just a couple of days ago, one SBD was ~0.85-0.9 STEEM.
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Yes, I converted like 90 SBD to steem earlier today with SBD being worth more than steem :-)
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Still short term bearish with plenty of previous support acting as resistance. Really want to see a few more of these levels break.
It’s interesting that SBD is pumping and taking on a bit of a life of its own again. I interested in your opinion on this.
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My opinion is a converted the hell out of the SBD I had into Steem when we hit .90 :-)
Like I say, I will always look at any SBD price above one as bonus money.
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The STEEM price vs BTC is doing better then vs USD. Since most people trade BTC or ETH to get STEEM this is another good reason to buy STEEM.
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Would love to buy as much as possible at 2.6 then sell high, just to rebuy at 2.6 and power up 😉
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hey guys, let me join you
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wow. learning from the master @scaredycatguide
i guess sbd is even more interesting. thanks for the updates and we hope it climbs further.
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Do you make good money selling high and buying low? My strategy is just HODL, but i might go dable the sell high buy low strategy a few months from now, it's just that it's a little volatil imo
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I don't really trade steem, more so I wait to sell out of some when we spike to recent levels and then convert that into other cryptos or USD. I have the amount of SP I want to hold, so now leveraging the rest.
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You got 10k SP right?? Not bad, i would be happy with that amount too, i would transfer the rest of my earning to other cryptos like you are doing
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Good post thanks for sharing it
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At least SBD's have taken the lead.
SBD
STEEM
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Hahahaha!
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I dont have a chart to plot steem on. I am unconventional to say the least in charting methods. I have been in the forex game over a decade. I will go out on a limb and lean toward at least a 50% retrace of last weeks move. I am charting Ethereum, Bitcoin, Ripple and Litecoin. I am using them as a basket to chart steem direction. I may be wrong, I am just looking to buy at a better price. I also think dow -21,000 is coming. I have somewhat of a net track record on forex factory. I am new to the crypto game, just getting a foothold. Chart wise there isn't a lot of history. I am in awe of how large these moves are % wise. I posted some here about Dow and Ethereum before and during the drop. Silly me actually thought drop would be a little deeper on cryptos. Atm I see some lower closes. I will lean that way. I am aware China and some other countries gave a favorable knod. Thanks for the chart. I look forward observing more. Peace.
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A lot of forex traders trade crypto now, I have noticed.
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@scaredycatguide, do you support minnows as part of your activities? )
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Haha, that is a loaded question ;-) I have some SP delegated to minnowsupport and I do a weekly curation post for the msp-curation team in the money/crypto tags. So I suppose the answer is yes, yes I do.
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i always feel like cryptos spike (steem/sbd included) when i sell and dip when i buy so i'm mostly a HODLer... but i need to get around reading charts soon.
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