ScaredyCatGuide Saw The Price of Steem Take a Free Ride!
I was wondering what today would bring as we near the one week mark of Hard Fork 19. The price of steem has been seeing some selling pressure the past week but still managed to hold strong the newly established range.
Crypto Beat Down
The sell off in all the cryptos today could have certainly had a bearing on steem pull back. However, Steem did something that only a couple other coins did today!
A Free Ride
The price of steem snapped back after testing the .00065 area, which was the area of our closing high on the prior range. This now acts as support. A quick breach of it to give everyone a little scare and then the candle snapped back to close in the .00070 range
The real question is what will this next daily candle bring?
We just got what is called an "hammer" candle, which is considered a reversal candle. If we see some green today and tomorrow that would confirm that. However there still seems to be some selling pressure out there.
Here is why I am not even sweating the pullback!
After finally gaining positive price action back in May we have successfully climbed higher and formed an uptrend on the daily chart.
Do you see where the intraday price of steem touched before bouncing? Yup right near the trendline.
Conclusion
We would need to break that trendline and have a candle close below .00065 for the price action to have turned distinctly negative. In the meantime, let's watch to see if we can gain some positive price action or if the neutral back and forth battle between bulls and bears continues.
After steem gave us a quick free ride to support and back, here's the new theme song:
Regards, 
It certainly gives a better perspective of where we are going when we zoom out on the chart. It's just scary because it drops so fast lol. It's probably a great time to buy right now!
Yes, considering Steem is a year old and I'm in for the long term, the daily chart is as for as I need to zoom in.
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Im holding my steem right now i think it could easily each 100$ in the next few years because of how great the platform is.
Oh heck yeah. I haven't hit powerdown yet
This was an opportunity today for all that could see it. Hopefully no one had weak hands!
Always better to buy on dips
BTFD!! Would've if my stupid Coinbase BTC was cleared by now. Hoping it hangs around this level or lower until Thursday! Great post bud, looking forward to more analysis.
Damn, that sucks your BTC is tied up. Hopefully it's cleared soon!
Great analysis. Let's go Steem!
It's a wild ride, isn't it? I've seen Steem come up so much since last summer, though, I have confidence it will ultimately continue going upward, even if the past week or so has been crazy.
Yeah, we have had alot of growth in past couple months.
I love the weak hands because that gives me more of an opportunity to get in on the cheap steem I missed last year. Sign me up for those dips
There you go!
Yes!!! None of us should sweating about the steem price, and I thank you for showing reasons why. :)
The chart does look great though. What a reversal. :)
Hopefully we get a follow through on the reversal candle.
At the moment no new money is flooding into the markets like when BTC hit $3k.
It's times like these I don't even log into the exchange other than to sell my SBD. HODL.
Hmmmm...sounds like a buying opportunity. When everyone is turning left the move is to turn right :-)
It is a buyers market. I just commit to my purchases and am confident it will spike next time money floods in to the crypto sphere. I got lucky and cashed out some btc when it was 2800-3000. ^^ now I'm kinda of crypto broke. lol
Haha, nice. I had cashed some out when it crossed 2k for the first time. Apparently I was early. Still hold some though :-)
Spot on as always!!! Scaredycatguide is the best guide!!!
Thank you my friend!