The state of STEEM/BTC on 24/09/2019: Time to take the decision
The state of STEEM/BTC on 8:40 GMT+2 on 4hour timeframe (Binance exchange) looks following:
I see a bullish flag pattern so my main scenario is UP.
In my previous post I predicted the price will drop to 0.00001600 - 0.00001620 zone . And it did happen.
And now, if you do believe in Steem power, it is time to load up. I'm personally have already sold all my XRP and bought steem instead :)
Let's look at the daily chart:
The price has reached the middle line of Bollinger Bands and Stochastic RSI has almost left overbought area. If this middle line will not allow bears pull the price down, there should be breakthrough of the upper line of Bollinger Bands.
For more safe trade one should monitor hourly chart
and wait until STEEM/BTC pair leave the current descending channel.>
The rise above 0.00001690 will be signal for Bulls, it is main scenario. The decline below 0.00001570 will mean the victory of Bears and further decline of steem price, alternative scenario.
Let's keep fingers crossed but keep emotions aside in order to get richer :)
You should tag this with #steemleo - this is totally within their financial and investment focus. Good post!
Thank you for the advice :)
I would say it will bump back on the uptrend as the current downfall in the market just announces another bull run. Keep the faith and patience!
Good explanation
I think everything went down as all the ALT coins follow the downtrend. I cannot explain how the projects are growing on one side and how the price move to the reverse flow. What's going on...?!?!?
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I do hope it's a bull rather than a bear