STEEM Technical Analysis: WAITING FOR A SETUP
Yesterday STEEM rejected hard off the 13.8K-14.3K satoshi supply zone. It almost created a perfect double top. At the moment, it’s finding support at 12,150 satoshi. Currently I’m not seeing a good trade setup.
The daily RSI is finding resistance at 51. A break above this would be a very bullish sign...but don’t hold your breath.
Looking at the daily chart, price just dropped below the 21 day EMA.
In today’s video analysis, I discuss price movement in the short term, traps to avoid, where I’m stacking in buy orders and MUCH more. I hope you find it helpful.
Video Analysis:
If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or TIMM (https://mentormarket.io/profile/@workin2005?aff_id=Workin2005) in order to watch.
BIAS:
Short Term: Neutral
Longterm: Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Workin
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by Workin2005
Saw this post on Cryptocompare and was moved to follow you. Keep up the solid analysis work! I look forward to seeing more...
Thanks @mantishands!
Interesting moves given everything going on with the protocol recently and in the near future. As I continue my Dollar Cost Average here, I will definitely take this into consideration.
Things certainly are getting interesting...
a double top? you must be kidding me sir....!
I think you may have missed the wick. That's about as close to a double top as it gets...
I went ahead and added this screen shot to the post since it’s hard to see unless you’re zoomed in on it.