STEEM/USD price analyse

Let look at STEEM/USD pair chart

In last three months pair is in range between 0.90 and 1.20 with two spikes. One is up to 1.70 in beginning of October and another in mid september down to 0.73. There is strong support at 0.73 which is holding for five months.

From mid July pair is stabilizing downwards to present levels around 23.6% Fibonacci level, if we draw retracement levels from last spike.

We have two scenarios. Pessimistic one says that could be forming mild downtrend to the 0.60 level, but I think that this is not likely to happened. EMA 91 signaling downtrend. The optimistic one is, that pair will gradually recover up to around 1.60 to 1.80 levels. Probably we can expect to wittiness ranging regime of pair for quite a while.

From macro economical point of view it is likely that STEEM will advancing bullish on gradually, because applications around STEEM blockchain is doing well and there is a lot of interest for Steemit platform and also for Busy network too.

Developers must polish platform a little and push it to the release state. Maybe the biggest issue is long approval times for new users. I understand that anti bot policy is important and approval times is improving, but it shod be pointed in welcome message somewhere that there is two options. Anonymous paid one and free one where new user must be approved.

That all folks for now, vote, follow be social!