Let's look at STEEMUSDT on a 4H timeframe and Demo trade the market

Hello guys,
It's another of the week and I'm glad to share with you yet another analysis I did on the pair of STEEMUSDT. As a Steemian, I feel it's important that once in a while we look at the chart of our dear STEEM token and also be sure that there is progress on it.

Since the STEEM token was listed on futures trading in most of the well-known exchanges, we have seen that there is a lot of movement within the price. The price has not been steady for a while now. We see the price going up and coming down daily.

Today, I dim it fit to educate us a little about what I feel the price will be or will look like after a very big dump from 0.26$ to about 0.24$. My analysis as you all know is completely on technical information using the support and resistance strategy. So we will look closely at the chart together.

From the chart above, you will notice that it is on a 4H timeframe which means that the bullish candle closed above the support line is a 4H candle based on my analysis, since the 4H candle has closed above the 4H candle, it is proper to enter the market since it couldn't break the support level to go downward.

Looking closely at the Stochastic RSI indicator, you will also notice that it has gone to its oversold region and is currently in its reversal phase and for that reason, I feel that is the right time to enter the market and long it. Based on the confirmation obtained from this analysis of mine, I decided to introduce the buy logo as seen in the screenshot below.

From the above screenshot, you will notice that the buy logo is placed at the ratio of 2:20 which will be a very profitable trade if the analysis goes in the said direction. From the chart, you can see how to properly set your take profit and stop loss.

The chart shows a very good risk-reward ratio. This is what every trader should learn I.e risk management. To be certain of the gains I can make from the trade, I decided to introduce my demo trade as seen in the screenshot below.

Based on the above screenshot, you will notice that if the market moves in my predicted direction, I will earn a profit of 76.42 USD but if the market goes against me for any reason, I will make a loss of 8.46 USD and you can see that the market is already running at the moment.

Also, the screenshot above is the position I have opened for the said trade. The side as you can see is long meaning I'm buying and the take profit level is at 0.3321 whereas the stop loss 0.2358. The entry price for this trade is 0.2454.

So that is all about the information of the trade. Let's keep our eyes across and see the result of the trade as I will update us daily on the movement of the market to see if we are in profit or we are being kicked out of the market.

Conclusion

STEEMUSDT pair is a pair we should consider once in a while in the market since we are all Steemians trading the Steem token. I guess with time we all will be future traders of the crypto market.

Remember also that trading is like meditation, patience is the key. Always wait for the market to come to you and not for you to go to the market. Learn to identify your key support and resistance level and also trade with the trend and in that way, you will be a successful trader.

Finally, I want to thank you all for reading through my blog today. If you have any questions or contributions, please do well to use the comment section of this post. See you all in my next publication.

Disclaimer: ^{This post is made as an education and not investment advice. Digital asset prices are subject to change. All forms of crypto investment have a high risk. I am not a financial advisor, before jumping to any conclusions in this matter please do your research and consult a financial advisor.}

NB: All images except otherwise stated are mine and taken from tradingview.com website