Today on the scaredy cat investor show we reviewed the price charts of steem, litecoin and bitcoin.
Let's recap what was covered and the outlook we came too.
Litecoin is showing the most strength among the three and possibly among all crypto.
Looking at the litecoin chart you can see several good things happening:
- Price broke the 200 day moving average and then confirmed the breakout with a test before moving higher again.
- We are now testing the resistance in that $50-51 area after making a higher low.
- The upside potential is large if price establishes above the $51 are as the next true resistance is up around the $74 mark.
SteemThe price action in steem is looking more positive than it has in some time. This doesn't mean we are guaranteed to have an aggressive move higher, but the possibility is better than it has been in quite a while.
Looking at the chart you can see steem has tested that 40 cent area resistance, but unlike in January when it hit its head and reversed, price is consolidating this time and ridding along the resistance.
It is good to see that price has not been immediately rejected again. Sellers could be running out of "steam" at this level. Ideally price can establish above 45 cents and steem will have leveled up without question.
The next few days should be telling...
There really isn't a whole lot to discuss with bitcoin. Price action is muddling along in the middle of its current range for weeks now.
I do believe we will need to see a tick up in bitcoin to see any real follow through in the upside for the alts.
The 4,250 level is what bitcoin needs to make a run at. I believe this will be enough to see some of the other stronger performing coins push through to their next levels.
Keep an eye on coins that show relative strength relative to bitcoin and the market on a whole as those are the ones that tend to move most aggressive when the market catches a bid.