Steem price analysis using T.A

Well we saw a crash in the market during the news of Iran's attack on Israel, we saw Bitcoin crash from around $72k to $60k and steem that made a high of around $0.39 crashed massively to $0.21 level and many have blamed the missiles lunch by Iran for this crash and others feel it's due to the fact we are approaching Bitcoin halving.

Well it could have been any of both the way I look at it, I mean before any Bitcoin halving this kind of thing usually happen and the news was just the trigger it needed to do what it does always, today I will like to look into the technical side or aspect of the price of steem to see what the chart is saying and where we might be likely headed.

Screenshot taken by me

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From the pic above that's the weekly chart on steem against the usd and from the chart you will see that we are bullish still as the price just made a higher high on the weekly timeframe breaking a major high on the weekly.

Yes on the weekly timeframe the price of steem broke through $0.3368 confirming that on the weekly we are bullish still on steem despite what it's happening unless we close below a weekly low which we didn't despite the crash that saw us touch down to $0.21 level.

As the above image depicts we reached the $0.39 level before the potential slip down that saw us reach $0.21 but one thing though that I was watching is if the weekly order block will hold or we will break below it, well as we can see the the weekly order block is holding just fine as steem price wicked right into it on the weekly candle before rejecting and we are on another weekly candle so far as this weekly candle closes bullish or at least above the low of the previous week there is still hope and we can only turn bearish if we break the weekly low which might see us around $0.18-0.19 level.

Screenshot taken by me

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From the pic just right above on the daily timeframe here we could see exactly what happen last weekly based on technical aspect, we saw equal lows on the daily which is mostly where retail traders put stop orders and hence liquidity lies below it, and the market always seeks out liquidity and ofcourse what happened, the market went down and took out this equal lows on the daily timeframe clearing the sellside liquidity what we saw as the crash last week and it tapped into the weekly orderock and it's rejecting.

To me it has fulfilled its objective downsides and the only liquidity I see now in the immediate short term is above us not below.

Since we are rejecting and looking like we might be going up, as we see we are now around $0.26 price level from the crash low of $0.21 level this is positive suggesting intent to move up, the question now is what's the likely target?.

Screenshot taken by me

For me looking at this chart it clearly evident. On the weekly we made a higher high, retraced and tapped into a weekly order block, and on the daily it shows we took out a sellside liquidity which was necessary for the market to move up and as for target I have two in mind which I have clearly mapped out first is the daily Fvg and the trend line buyside liquidity on the daily timeframe.

We have a daily Fvg around $0.29-0.32 level and a trend line buyside liquidity which top around $0.40 level so am expecting us to draw into the daily Fvg then if we are going to retrace it might probably be from there at least touch the tip of the Fvg thats at $0.29 level well if we are able to clear it out it will mean at least wicking up to $0.32 level.

The thing is that's just the first expectation if market condition is good and we get favorable news I believe we will take out that trend line resistance or buyside liquidity as I see it and if we take out the trend line buyside liquidity on the daily it would mean seeing steem at a price around or above the $0.40 level even if it's briefly so I believe from here on out we are going to see good price on steem and this my analysis or bias holds as long as we hold the weekly support at $0.1988 level or the weekly order block as long as we don't break below then this is what am expecting to happen soon though no timeframe yet we might consolidate a little before moving up nicely or just shoot right into it, fingers crossed let's watch and see, any which way this is a bullish year and ofcourse am right to be bullish.

Thanks for reading through.

N/B: This is not an investment advice, each one should do their due diligence