Market Update: STEEM (STEEM/BTC) - Are Steemians gonna be rich?
STEEM/BTC
- Price consolidating within a bullish flag pattern (red)
- Break of top would signal the start of another wave up
- Would be an easy 10%-25%
Analysis
Support 1: 31,700
Support 2: 29,900
Support 3: 27,800
Buy the dips
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P.S.
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Steem ON!
There is no "bull flag" in it.
"bull flag" needs an up trend, and STEEM/BTC and even STEEM/USD are in a down trend.
The former being in a severe down trend.
What tell you this? More volume more dump and more pump to come no?
IDK, but STEEM/BTC and STEEM/USD are in no bull flag.
This is just in the short-term
This chart posted doesn't encompass the long-term trend
Such in the short term that it lacks the true perspective that shows that it is not a bull flag.
If your only given information was this picture (no knowledge of price history), would you say it looks bullish or bearish?
In this case, it's a bull flag, and this is why day trading is wrong.
Im not a believer in "technical analysis" despite I heard about and witnessed its success.
I agree day trading is very difficult/dangerous. Fundamentally, Steem should be seeing some nice upside long-term. On the Daily chart, we want this box to hold support.
I don't see a pennant. Maybe a descending wedge. That's also a bullish formation. At least we can agree on the resistance line. If it can get through that then there should be some good price action. Fundamentals are now also in support of a rally IMHO.
That line that makes it look like a pennant is from the longer term downtrend (price history not in the picture).
It's showing that price recently broke that downtrend and also is holding above it turning resistance into support (hopefully you can kinda see what i mean)