Steem Price Analysis: Please Don't Do It Again!
A little over a month ago the price of steem ran up into the low 40 cent area. It tested the top of this range we have been stuck and then just as it looked to break, woosh we got a bearish u-turn pattern and back down we went to the middle of the range.
New Move, Same Story?
If you look at the daily chart in this post you can see we are right back to that spot again, that same area that is circled in gold from a month ago.
At this point, things are looking eerily similar.
There is still plenty of time for this candle to form, but the state of it at the moment of this writing is a reversal candle. Meaning odds are we will run out of "steam" at the resistance once again.
However, all I can do is read the chart and form a hypothesis. As of this moment, it is kind of looking like a bearish u-turn pattern. Everything is probabilities in trading and chart reading so that doesn't mean we are definitely going down, just means the odds favor that.
Either way, until we can establish price above 45 cents we are trapped in this same range we've been in since December.
Hopefully price catches a bid from some aggressive buyers and we finally see a push through this resistance level, just don't be surprised if we don't.
Fingers Crossed!!!
We do seem to be going down again. I don't pay too much attention to price though. I just keep blogging and commenting as much as I can no matter what. I surely do hope the price goes up though.
Since I comment so much, I have a bit of a handle of the posts we get. We are not getting more posts this time, which is kind of strange. Usually any price rise brings a lot of people back.
I'm most encouraged by the dapps and no longer post with steemit at all. I'm using dapps that upvote my posts and that has done well for me in increasing sp faster than before.
Also the twitter push we have now seems to be gaining traction. I have been promoting steem for almost two years to little result out there. Now I have a lot more action and I think we re getting notice.
As you say, "fingers crossed!"
Seems like a lot of supply comes in here which is probably due to the additional supply from converting SBD that is being printed again. Volumes also not were there were at the last test.
Posted using Partiko iOS
I think Steem will be Great Again when trend will be bullish ;-). It has great potencial with dApps. Look on this: https://www.stateofthedapps.com/
You can see here dApps and numbers of users. And really anonymous social network...
You have my upvote :-).
Agreed, thanks!
Just when I thought I was out, I'm back in... Say it ain't so Mitch.... :-)
It is looking like it is so..... ;-)