STEEM & SBD - Fresh Analysis
STEEM and SBDs Bouncing
Both STEEM and Steem Dollar are enjoying a nice bounce along with a large part of the market, so let's take a look at the charts and see what's what, starting with:
STEEM/USD
STEEM is the strongest it has been for almost a whole week! The RSI is back above the 50 level & the MACD has crossed back to bullish too.
During the dip, STEEM had to make use of a short term support level at about $3, and it's now back above another short term support/resistance level at $3.09.
If it can remain strong and on the bullish side, we have another resistance area not far from here at $3.40 to breach, followed by another at $3.80 if it can maintain momentum.
STEEM/BTC
STEEM isn't doing quite so well in BTC terms. It got oversold on the RSI, which caused a nice bounce, but that has been followed by another weakening on the RSI and a red candle being put down currently.
STEEM seems to be struggling to beat the resistance level just north of 32k sats. We will need more strength and the MACD to remain on the bullish side if it is going to break through it.
The story is slightly different in term of ETH though:
STEEM/ETH
STEEM is slightly stronger in the ETH pairing at the moment, but it struggling with some resistance here too, although it did manage to get above the 3900 Vitaliks (JK!) level briefly.
The RSI is just below the 50 level here, but the MACD is on the bullish side so some upside could be coming here, with further resistance ahead at 4000.
Lastly, let's take a looksie at:
SBD/USD
SBDs have been as weak as STEEM in USD terms lately, but they are also (finally) showing some strength today too!
The RSI is back near the key 50 level, but could be higher, and the MACD is on the bullish side once again too.
SBDs seemed to find support at around $3-$3.20 during the dip, and if that level can hold for the foreseeable future, then the downtrend line will soon be coming into focus.
Summary
Things are looking pretty good for STEEM and SBDs right now, but they could be better.
On the short term, it seems some more upwards movement is very possible for the USD values, and maybe even in the STEEM/ETH pairing, but gaining on Bitcoin will probably be a lot tougher.
I haven't looked at the daily or weekly charts yet, so there could be some different signs on those time frames. I'll be sure to post about those tomorrow for sure!
Any questions or comments? Drop 'em down there.
Thanks for viewing!!!
Want more technical analysis and crypto related posts? See also: @toofasteddie, @gazur, @ew-and-patterns, @pawsdog, @cryptomagic, @exxodus, @beiker, @lordoftruth, @masterthematrix, @cryptoheads, @tombort, @maarnio, @steemaze & @briggsy
Not intended as investment, financial, or trading advice. For entertainment purposes only.
The only thing that is maiking me wait before buying in is the fact that many coins on Top 10 are hitting the 50 day moving average by now, so if the market as a whole isn't bullish enough to surpass the resistance, I don't think (sadly) that STEEM will do that well in the next couple of days
Interesting observation @retaliator! Thanks for your comment. :-)
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This is very good analysis which explain in a very good way what is happen in the market right now thank you very much for share it with us