STEEM Technical Analysis Update (STEEM/USD): I am still confident about my last Target of $ 5.0, More evidences are Emerging on the chart in its support.
Analysis Summary:
Hi Friends welcome to this analysis update of STEEM/USD,
Looking at the hourly chart we can see that STEEM has not yet been able to have the bullish crossover that I talked about in my last post, it had a near miss as STEEM and now it has fallen below both EMA200 (blue) and EMA50 (orange) and the target that I gave for $5.0 to STEEM seems far above now.
But I am still confident about the target that I gave; now you can see that STEEM has bounced back at the 23.6% retrace and in the meantime STEEM has again formed a bullish flag that I have drawn on the chart. And even a breakout from this flag has now occurred.
STEEM is currently trading around EMA200 and EMA50, But some strong push is needed for STEEM to cross above both these levels as the Resistance they would have normally caused, has now been doubles by the convergence of both. MACD seems to be undergoing a recovery and buy side volume is also emerging so let’s hope that both these EMA get crossed over and then bullish EMA crossover happens soon. Further I would like bring forward what is the outlook on the 4 hour chart.
Looking at the chart we can see that similar flag is also present here and after the breakout EMA50 so far has been holding but looking at the MACD we can see that it is going for a bullish crossover, sell side volume also looks to be disappearing, all these evidence suggest that breakout above EMA50 (orange) is imminent and the next resistance will be around EMA200 (blue) but from the hourly chart we know that before reaching this level a EMA cross can happen over there.
If that happens I am sure that EMA200 will be breached after the crossover easily otherwise which tends to be very strong resistance level. After that not only my target but much higher STEEM value can be expected.
That will all from me for the time being, I will keep you guys posted about further interesting developments in the chart.
Till then Good Bye and Best of luck to you People.
