STEEM Pre-Breakout Trading Strategy

Coin Telegraph

GOOD AFTERNOON STEEMIT!

We've been looking at the price of STEEM a fair bit on the blog... Because you know... This is Steemit afterall.

If I'm honest, I can't describe the last few months being involved with STEEM as anything other than a frustrating slog for those of us that have been investing time and money into both the platform and the cryptocurrency itself. The community aspect has been amazing, but the price and lack of proper functional changes in the platform or around Smart Media Tokens, has been killer.

But through all of this, there is light at the end of the tunnel. It's tiny and it still seems so far away, but there is light none the less! Take a look at the daily chart below.

STEEM/USD Daily

As you can see, price has formed a bottom at support just below the $1.00 USD mark. Each time price spiked down anywhere below the big psych level, it was immediately bought back up. The bulls have dug in.

From there, price has most recently kicked back up above the $1.00 level and is once again testing the big one. The dreaded bearish trend line resistance!

Now zoom into an intraday chart and you can see things are starting to get really interesting.

STEEM/USD Hourly

If you take the $1.00 psychological level as the higher time frame support level to manage your risk around, you're only looking to buy. And the hourly chart has given you plenty of opportunities to continue to add into your winning position with absolutely minimal risk.

For traders, having the ability and mental fortitude to add into winning positions, is what will allow you to make it long term. It is the absolute key. I can't stress this fact enough.

Now, if that daily trend line does in fact break out and run hard, you've put yourself into a position to absolutely clean up. If it pulls back, you can take your add ins off at break even and only actually risk a single unit.

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I wanted to just include the STEEM Backed Dollars chart for shits and giggles.

SBD/USD Daily

I can't get my head around why $1.00 worth of STEEM would be worth as high as $4.00 this week, but hey, it's great for those of us who are writing on Steemit and cashing in our SBD for STEEM daily.

Have a great day!

Peace.

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