STEEM Technical Analysis Current Direction - 21 July 2017 📈
I made a post 6 Days Ago about the Technical Analysis of STEEM from 2017-2018 and the signs we should be looking for. For when STEEM would begin to rise to new potential heights.
Today I noticed that Steem has followed my projections as I predicted and I would like to share my perspective on the current trajectory STEEM is taking as of today.
Looking at the current chart:
- Orange lines = Support/Resistance
- Red Lines = Trendlines
- Purple = Connection Points
- Green = Price Prediction
☑ We will first draw our First Support Line at the bottom.
☑ After that, i'm drawing the second Support Line for the current position of the market.
☑ Now I will be drawing the last line but this is gonna be a Resistance on the top, the reason why we don't place it at the peak of the chart is because we wanna determine the closest most potential position the market is gonna move to. And we also see connected positions the market was at in the past, this will give us more probability outcomes.
☑ Here I show you the places where the Support and Resistance Lines have touched previous/recent market structure.
☑ To give you a Clean Overview I'm gonna remove the Purple markers and show you the current Trendlines.
☑ It is very clear that the STEEM Market is still compressing and will enter a period of consolidation in the near future, at this moment it is moving toward the top Resistance line.
- Current STEEM price: $1.42
- Projection for Future Steem price: $1.60 Before dropping back down.
However, if STEEM manages to break the current Resistance Line it would rise to a price of $2.15 If it goes beyond the Strongest Trendline on the Top and breaks current market structure, it will have a Potential of Reaching $3.12
Conclusion: STEEM Market has potential of breaking current market structure and take position at $1.60 - $2.15 - $3.12
Or could drop back down and test current Support Line and Trend Line.
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I literally got into Steemit last week and am so glad I have been buying up STEEM ever since! STEEM has proven to be cheap now vs it's high and looks as you have clearly shown to be ready to break out to the upside very soon!
Yeah man, good job on that :) congrats! I've been an active steemit member for 3 weeks now and I love it ^^
And yes if my predictions are correct we will see steem break beyond the resistance very soon.
Glad you like it @bigdeej :)
Agreed I got lucky and was told about it by a friend and dumped in almost a full BTC before I got hooked! Now I'm just powering up and building my following! I think steemit is the first alt I have ever seen that ACTUALLY has their real world application built not just oh we will build this one day but then the coin fails before they even reach beta!
Great work and clean charting!
Followed, Resteemed and Upvoted! ...thanks!
Come on over and check out #steemsilvergold if you like gold, silver, sound monetary policy and informed discussion thereof. As well, the group is funny, supportive and just plain fun to be a part of. Check us out!
Cheers! from @thedamus
I am in STEEM for the long run. No better place to be than STEEMIT and adding to your STEEM on a regular basis and producing great Content that others will find value in and you will be rewarded for.
I fully agree with everything you said @stokjockey couldn't have said it better :D
DCA FTW!!! ;)
Looks like a great analysis, Beyond-O :D
Thank you, my friend, I take my time and never rush it :) re-evaluation is the key, If you have a certain request on other specific crypto currencies that you want me to do an Analysis on, then feel free to ask for them ;)
I like following you. You seem to have a better understanding and can make predictions on the price of almost any currency i know of. Thanks for the info!
Keep steemin!
@jakeimnotshure Thanks man, I appreciate that very much :)
Well to make predictions on the market you need to understand what kind of a volume you are dealing with and also the past stats and base that around an estimate. I also like doing i so its alot of fun for me :)
Great analysis, thanks for breaking it down for us!
I really like doing it so the pleasure is all mine ;D
Glad to hear you appreciate my analysis!
New Followers get 0.001 SBD$ and an upvote for free!! Just follow
https://steemit.com/@aaravm
good