STEEM could rise to 80K to 90K satoshi in mid term -- a perfect time to buy at current level.
Steem has been trading sideways as of now,trading at 38K satoshi and in last couple of sessions it has found support near 30K satoshi which is also the level in between 50% and 61.8% Fibonacci retracement of the last bull run (from 10K to 56K satoshi). I have explained in the video why this level of 30K satoshi will continue to provide support and what will be the target for STEEM in near term.
If we look at the chart, the price of STEEM bottomed out at around 10K and from there, it staged a massive bull run to as high as 56K satoshi and from there it corrects to 50% of the Fibonacci retracement and on many occasion it found support near 30K satoshi.
Further, if we look at the Daily chart, then a pattern is forming, which can be called either as bull flag pattern or a triangle pattern, I have drawn two yellow lines one at support level of 30K satoshi and another inclined line which capped the price action on the upper side in past couple of sessions. So now the triangle pattern is not complete and this pattern is still on. But once the triangle gets complete, the price will definitely bounce from this level and if we draw the Elliot wave of 1-2-3-4-5, then the next wave would be wave 3. So as soon as the wave 2 gets complete, wave 3 will start and this wave will also be higher then the wave 1, that means STEEM will go beyond 56K satoshi in wave 3. This 1-2-3-4-5 waves explanation I have also given below in the chart.
Summary
Steem is in bullish consolidation at the moment, but at the same time it is near completion of wave 2 and this is the perfect buy zone, as after this wave 3 shall begin and wave 3 should move higher than the wave 1, so in other words wave 3 should go beyond 56K and make new high high and as per the chart analysis, wave 3 should project to a level in between 80K and 90K satoshi. So as per the chart, 34K to 37K level should be an ideal buy zone for STEEM.
Disclaimer
This projection is purely based on Technical Analysis and it should not be taken as an investment advice. An individual should make his own assessment and capital risk management before making any investment. This kind of investment does not suit everyone and one may lose more than the initial capital, so one should invest that much, which he/she can afford to lose.
Thank You & Have a Great Day
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If it would go to 80K means in usd it will be 14 usd or so, then most of the whale will sell half of their stake and become millionaire.
But 14 usd would be great for us also as we will power down and sell our steem..is not it...
Thank you...steem on and stay blissful....
I will not power down and I will consider SBD payment as my salary and SP as my asset in steemit.
You could do so if you wish to :)
Thank you and Have a great day.
Steem is also trading bullish now and bounced from 40k level and already up by 25% and it seems like your analysis is really going good with steem.
Thank you @shivohum2015
Yes it is bullish now and the major support is 30k and everything depends upon this level as long as steem trades above 30k, it will be trading higher and steem is going to remain bullish to range over next 2-3 month.
Thank you sir and Have a great day.
@shivohum2015 steem is trading sidelined and in the last move also it did retreat from 59K and this time also it is doing so from those level. What is your say in this scenario, Can we see a breakout, by the way I am holding since 36K level, but I want to sell now, I am feeling as if steem is done now, but before that I want to hear from you.
Hold it sir, I am preparing another article of steem update, where I will update about the further possible scenario, and first read that and then take a call. But if you have taken at 36K , then I think you are still in profit. Thank you and Have a great day.
Good analysis, i agreee with it but i feel like a lot of cryptos are in the same place. After a hard crash they bounced back and are consolidating. Really need some good news to get the market flowing again
News are somewhat tend to create hype but I agree that macro fundamental matters and Technical Analysis is something you could directly analyse the price action.
Nice information love it
Can't wait to see the price of steem in 5 years just imagine!
Steem is gonna be very great
agreed! The tech analysis shows it and steem has tons of potential also.
Yes it has tremendous potential and its a matter of time only to hit those target, so best thing is to invest now and just have long term of target that way not only we keep earning SBD here from our post but also our SP will grow over time.
Thank you for joining here and Have a great day.
i think steem coin will hit every crazy price we imagine in the future
because it`s built on the most powrfull project of all new cryptocoins
That's true @joe-crypto and not only that the best point of steem is its blockchain, not only it is the fastest but also the kind of volume it accommodates smoothly is really something to cheer up. Thank you and Have a great day.
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