STEEM/BTC state on 16/02/2012 : Next target is at 0.00004 zone

It's time to update my previous analysis for Steem/Btc price and think about trading strategy for the next week :)

Let's start with weekly chart:

Here we can see that Steem continues its upward movement and has already hit important target 0.00003 Steem/Btc but Stochastic RSI indicator together with weak bullish candle tell us to get ready for correction. Also weekly chart says that next strong resistanse is at 0.00004 zone

Let's take a look at daily chart:

Here we can see that after the resistance on 0.00002230 has successfully been broken and now it is becoming current support line. Yes, the bears did manage to push the price below it for a short period of time but right after the price touched middle line of Bollinger Bands it bounced back above this level. Stochastic RSI is already out of overbought area and all this means that STEEM/BTC has still power to get higher.

The upcoming upward movement is also confirmed on 4hr chart:

Stochastic RSI is at the bottom. And the price is going at least to 0.00002563 - middle line of the Bollinger Bands.

Conclusion

Main scenario

I expect brief but strong movement towards 0.00004 at the first half of week, followed by unevitable correction.

Alternative scenario

If the buyers fail to get STEEM/BTC above 0.00002554, I expect the price go lower the current level to 0.00002064 and there will be the reversal.

Posted via Steemleo