Chart analysis for STEEM/USDT.

ayrinbd (79)in Steem Alliance • 4 months ago

Hello friend, how are you? Hope you are doing well. Today I will share my prediction on STEEM/USDT. I will discuss about steems next move and the reason why I'm predicting that. So, let's begin.

On today morning when I opened trading view, I saw Steem touched 0.2560 to break 0.2400 resistance. And that's exactly what I was guessing on the previous night. The reason I was guessing that is the uptrend.

If we see the market from 23rd January we will notice that the Market is continuously making a Higher high and higher low.

Screenshot from trading view 2h time frame

On 0.2400$ Steem has a big resistance, although we can clearly say it's now broken. The reason I'm saying that the 0.2400$ resistance has been broken is Makets Uptrend. In most cases when the market is reversing It doesn't impact the market with this type of resistance at all.

Even though steem has two supports at 0.2300 and 0.2220. I really hope that market won't break the 0.2300 support.

Screenshot from trading view 2h time frame

Now let's talk about market resistance. I'm guessing that the market will go at least 0.27 cents then the market could do consolidation at the resistance point.

2nd resistance is on 0.32$. I do think if the uptrend remains longer then 0.32$ won't be a big deal.

Now let's do an analysis using some indicators. I will use 100MA , RSI and Volume Indicators.

Screenshot from trading view 4h time frame

For a long time, Steem was below the 100MA. Now it's broken and trending into above 100MA. That's a very good sign. If we look at the same pattern from the past then It is an uptrend sign.

Most of the time when we trend above the 100MA. It gets a Major pump sooner or later.

Also if we check the RSI and Volume all are in good position. The volume gets higher and the RSI remains at the same position but the price gets slowly up.

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Screenshot from trading view 4h time frame

MY PREDICTION

I'm guessing that the market will make a new higher high. Even if the market drops it will support at 0.2220. Or it will reach the upper resistance at 0.2700$.

Let's talk about my last prediction on JUP/USDT . On the last post I said if the market breaks the downtrend I mean breaking the trendline then It will go higher. Also said that the market is making head and shoulder pattern.

But the market is still below the trend line. And now it got a support on the left shoulder price. So, the trade is still in our hands. We have to wait and watch the market what it does .

Screenshot from trading view 1h time frame

At last, I'm not a professional trader take the post as a bit of advice. I just predict the price as on price action and using some indicators. And I can't give 100% surety with those trades but I explained how I trade. Hope you will find something valuable along those lines. Thank you.