Presentation + Technical Analysis of Steem in 4H
Image created and edited in CANVA
Introduction
Greetings to the whole community my name is the @criptoanalyst and I come to bring you a very special content related to technical analysis of financial markets and video games. Why especially I bring you this kind of content? It is because the community and all those interested in Steem, need to educate themselves regarding everything that happens in the world of cryptocurrencies, this implies having a basic knowledge of how it is traded, which will bring as a consequence that we can make the best decisions to protect our money and grow our voting power on the platform.
Now referring to video games, I also want to bring this type of content, since, the current boom with NFTs, allows us to immerse ourselves in a world, where video games and all its elements are being tokenized thanks to Blockchain technology, all this gives us a scenario where each game has its economy and we must explore and take advantage of all this. In this sense I think it would be good to exploit games and NFT to deepen what are Cryptocurrencies.
Steem 4H Technical Analysis
Screenshot of the platform ofTradingview
The 4H chart of Steem looks very interesting, the "Buyers" are acting in a good area, preventing the price to continue down around $1.06 and $1.12, all this after having reached the last bullish peak, where a lot of sellers blocked the way to those who are demanding more of this asset. Also, the price is making a good dynamic support in 2 trend lines, which is supporting the price at the moment. The path to the last high around $1.36 and $1.44 is a very strong resistance currently dominated by a large group of sellers, so the way to overcome it is not easy, but we must continue watching the price action and see in the coming days what happens.
On the other hand, the RSI is above the 50 line, which is a good indicator of bullish strength and trend continuation, so I think we should be very attentive to its next movements and the interaction with the area between 1.36 and 1.44 dollars. If we break this zone, I would place as a first target the $1.60, after that we will re-evaluate the situation to know what is the next step or what is the highest probability that the price will do one thing or another.
Conclusions
I will be giving more updates on how the price of STEEM evolves, I will also analyze in a next opportunity the SBD, which we are all interested in. I will also be sharing some very simple trading strategies, so that the community can become familiar with them and get a good knowledge about what they can do in the markets and try to protect their investment at all costs minimizing the risk as much as possible.
