Steem in Process to Form A Cup & Handle Pattern on Major Resistance Level
CryptoKraze here
Possibility on Daily Chart
We have very interesting setup forming on Daily chart of Steem. If you look at Daily chart, you will see Steem has made a big impulsive move and reached major resistance level of 40000.
So what now ? Is it done ?
My Answer is No
If you see the chart, a cup has formed and whenever a coin makes this cup and handle pattern, a strong breakout is expected. If we look at RSI, it has gone above 70 level and it has to retrace now around 50 level before next move. Let's have a look on Bollinger bands, you will notice that last impulsive move took the price to top bands and now it has to pull back to median line, so we have a possibility of next impulsive move after handle formation on the cup.
- I have my buy entries from 0.00012000 and 0.00020000 and I will hold them for my profit target around 0.00070000 or higher.
- You can enter when we have this little pull back around 0.00035000 to 0.00032000 area.
- Stop loss just below the entry area is must for trading if you don't know the Averaging Technique in Crypto Trading.
Crypto Trading is risky business and you can loss partial or full amount of money. Trade at your own risk with that money only you can afford to lose.
Congratulations @cryptokraze! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPposting is very extraordinary and very useful once.
but I would like to ask you one opinion, what is your prediction about bitcoin prices in early 2018 and by the end of 2018, is it more expensive or vice versa,
What is your opinion?
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by cryptokraze from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP. Be sure to leave at least 50SP undelegated on your account.
This post has 0.56% gratitude from @appreciator, thanks to @cryptokraze!
Wow, I just found you through the adsactly discord but you really seem to know your stuff. I am still pretty new to analysis so it is nice to have someone to compare some of my stuff to.
Are you saying that with this cup and handle formation that we could see steem go to $14 or so? That is unbelievable considering it was less than a dollar when I started on steemit in aug! As great as that is, i wish I coulda stock piled more SP before this huge boom came.. lol, always the case tho with cryptos, always wishin I had more money to invest in more cryptos! LOL
Anyhow thanks for all your hard work. :)