What do you think about the movement of STEEMUSDT (Analysis & Demo Trade)

Hello guys,
It's another day of the week and I'm delighted to share with you all my thought 🤔 on the pair of STEEMUSDT on a 4H timeframe. This means that we will be analyzing the pair of this token today to see how the market will go.

For the past few days, after the pump and dump we saw in the STEEM market, the price has being consolidating which everyone is watching and waiting to see if we will have another pump or a dump.

I took a lot of time out of my schedule to watch the market carefully taking into consideration fundamental and technical analysis as well as other confluences which are needed to be checked before making a decision on this trade today.

From the above image, you will notice that the price has been consolidating and this shows that price was rejected in the support level but hasn't been able to move further because both the buying and selling pressure is almost thesame in the market at the moment.

With that I considered other factors to enable me make decisions on the market. I carefully looked at the RSI on the 4H timeframe and I noticed that it is at the oversold region which mean there is high chances that the market may likely go up.

So based on all these confirmation, I went ahead to make my decision of longing or buying the market and that is what lead to the introduction of the buy logo you see in the screenshot below. This buy logo gives me a guide as to how far I am willing to gain and how far I am willing to loss.

Checking the screenshot properly, you will notice that the risk reward ratio of the trade I have taken is around 2:10 which means that I'm ready to loss 2% if the market goes against me and then gain 10% if the market goes in my favour.

To properly keep track of the progress of the said pair of assets, I decided to introduce a demo trade to at least keep me on track and in check so that I will have a little emotion when the market goes in my favor or against me. See the screenshot below.

From the above screenshot, you will notice that the demo trade has been activated already. If the market goes as predicted, then I will be able to earn a total of 11.89 USD, and if the market goes against me for any reason I will lose 1.36 USD. This shows that it's a good risk-reward ratio if you ask me.

Finally, I also decided to go to the position side to get complete information on the market so that you all can see it more clearly. The details below talk about the points where I take my profit, my stop loss, and even the current price of the asset when I'm making the post.

From the screenshot above, you will notice that the side is long (buy), the quantity is 100, the average fill price is 0.2805, the take profit level is at 0.3995, the stop loss is at 0.2669 and lastly the P&L at the moment is +0.36, that is all about the open order.

After a while, I decided to check back on the trade to see if the market was going in my favor or against me. Going through the chart I saw that the market was still ranging and there has been no tangible movement, you can see from the screenshot below.

From the above screenshot, you will notice that the profit made is already at +0.28 USD which means our analysis is still ranging. I will still hold on to the market and see the final movement of the asset because I'm confident that it will go in my direction. So let's be patient as the market will still go as predicted.

Conclusion

In my opinion we should see the price of STEEMUSDT at atleast $0.4 before the end of May. Seeing how the market is moving holding a strong support at $0.28, it means that the price has strong potential to move ahead.

Let's keep our eyes on the price of this asset within the stipulated time and then see how it goes. I'm bullish for Steem because I have seen many reasons why it should pump.

Remember also that trading is like meditation, patience is the key. Always wait for the market to come to you and not for you to go to the market. Learn to identify your key support and resistance level and also trade with the trend and in that way, you will be a successful trader.

Finally, I want to thank you all for reading through my post today. If you have any questions or contributions, please do well to use the comment section of this post. See you all in my next publication.

Disclaimer: ^{This post is made as an education and not investment advice. Digital asset prices are subject to change. All forms of crypto investment have a high risk. I am not a financial advisor, before jumping to any conclusions in this matter please do your research and consult a financial advisor.}

NB: All images except otherwise stated are mine and taken from tradingview.com website