A Bounce In The Price of Steem and Test of Resistance - Loving the Charting Action!

in cryptocurrency •  7 months ago

Like some other cryptos, steem saw a nice bounce in price over the past 48 hours. Where price rebound to before running out of "steam" you be of now surprise though.

Prior Support Becomes Resistance

Looking at the chart below you can see price poked through the $4.30-ish level before pulling back to close below it. Now on today's candle we are making a run at the $4.30 level again.

So the question is....

  • Will we push through on this current candle or will the resistance be a line in the sand?

Ideally we want to get back above that level and establish it as a support so we are again in the higher price range. Clearly there is alot of price action in that area so being on the upside of it is preferred.

In the end, some consolidation here is fine as long as we remain above $3.75, which is basically the closing prices of the last low we made. Making higher lows is always key to finding positive price momentum.

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Learn to Invest Like The Cat

https://tradingeducationblogs.com/scg-crypto-investing/

I'm offering a $1 SBD rebate with proof of sign up until this post pays out - I kept saying to sign up while SBD was still high!


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Best Regards,
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My, steem and SBDs, are almost at the same price...
Well I think your analysis is correct. My investments are in Steem and its philosophy.
I wish I knew the markets like you, I still on a big learning curb.
Appreciation,
Lynn

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Well, glad you found me then. My posts, videos and courses are all about sharing my knowledge and teaching people how to make better informed decisions.

I want to ask a question...now that the price of steem and sbd are almost the same, and that it is possible for steem to go higher than sbd, Is it now advisable to convert your sbd to steem?..

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idk, but I converted some right now

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In the end anything can happen with price, but likelihood is that steem will be higher than SBD. SBD was supposed to be a $1 peg anyway so I will lean toward steem being higher.

Nice post. Hope you could follow me someday

What is the proof of sign mean? Sorry I'm still new to all this.

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Proof of sign? Not sure what you are referring too.

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Ah yes, meaning for people that sign up and purchase my crypto investing course. I'm giving a 1SBD rebate.

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Oh ok. Thanks for clarifying

cool postings can only be born by great people. hopefully I can be like you in getting a vote. because I have very little sound when I write something. your writing is an inspiration to me.

I love Intraday Trading. I invest in NYSE.

The cryptocurrencies are interesting. In what temporality do you see that graph?

Thanks for sharing.

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Yeah, cryptos are trading like internet stock in 1999. This is prime pickings. I traded NYSE and Nasdaq from 2008 to 2012. Tough sledding in equities, volatility is much less than back then.

The steem decrease is just putting people on suspense, now we are in the state of being in a mode of thinking whether to still continue on steemit. But to succeed in it, we should always know cryptocurrency is a big risk where we hope theres a tendency for price to go higher and higher.
Nice one there @scaredycatguide

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Thanks, for me.....I'm in now suspense. I watched STEEM trade at or below $1 for nearly a year. $4 is awesome, $8 is better! :-)

As I am writing this, Steem is at $4.42 on CMC, it is exactly at the same price as SBD, it is 05:26 (Friday) UTC at this moment.

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That's a good place to exchange then. Bittrex had steem at 4.33 and SBD and 4.17 as of 06:00 UTC

Thanks for the update. I don't do a _huge amount of T.A. but I do understand it quite well and noticed the resistance.

From a fundamental point of view, I think Steemit is looking bullish. Lots of good news is coming our way as YouTubers move across to DTube, bloggers move to the platform etc. I was looking at the rate of change of incoming users for Steemit to try and analyse different points of growth, and if the statistics are right things are looking very promising.. Let's hope we break the resistance on the technical side!

Thanks for the great post.

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Yes - bullish on steem's prospects. The goal is to have price congruent with that. We are already starting to go that direction again getting above that level.

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Yes I agree there. I'm analysing the rate of change of user influx and it's very promising at the moment! It would be greatly appreciated if you had any feedback on how I could improve myself on the platform!

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Find a niche and stick with it. Find others in that niche/tag and be sure to curate and comments on their posts. And just be active and post. I posted almost everyday for 6 months before my posts really made anything.

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Great, thanks! I do post every day and I put in a lot of work to my posts. Hopefully it pays off! Either way I'm happy to be contributing.

As of now steem at 4.74. Up trend in the works. Anyway the long haul is what will count.

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Apparently my posts worked! Steem pushed above the resistance level shortly after hahaha :-)

I think it will continue to consolidate... maybe holding price near previous lows? We'll see.

@scaredycatguide, what books should I read or what videos should I watch to learn to crypto trade?

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Honestly, my crypto video course is a good place - https://tradingeducationblogs.com/scg-crypto-investing/

I also have some crypto analysis vids on youtube, but an not producing this channel anymore, here is the lastest video I did:

Also a good book to learn charting is called: Candlestick Charting Explained.
I don't recall the authors name.