Market Update on Steem/USD 4/1/2018
Price resolved itself out of the wedge to the downside dropping below lower support level then bouncing back thru and above it. These are very large moves on a percentage basis but not very large in terms of actual dollars and cents. The reason I mention this is because volume is not impressive. If this were trader volume I would expect much larger trades.
On a 30m chart we see which part of the cycle this running flat is currently passing through. Based on price action we are almost done with this flat action and the next move based on time and price will determine if we are ready to take the next leg up. In sequence, we want to see price take out 1.56 then 1.88 in 2 waves with near zero consolidation action. The signature of this move will be choppy action at this lower band followed by an impulse wave to the upside.
Chop followed by impulse wave. Let's see what happens next. Don't forget to tell anyone who sold below 1.31 that they have to write 'S' with a magic marker on their forehead and wear it the rest of the day.
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Hi @dankh
Excellent article. I subscribed to your blog. I will follow your news.
I will be grateful if you subscribe to my blog @user2627
Good luck to you!