Market Update on Steem/USD 3/18/2018 Is It Soup Yet?

in #steem • 6 years ago

Based on price action the last 24 hours I would say 'No'. Whoever was buying at 1.37 around lunchtime did a good job though. We did not have an exact hit at 1.29 so technically we have not seen a real test of long-term support. See chart below;

At 73 days 21 hours we have the timing elements to start seeing price move the other direction.

On a 45m chart we have a contracting channel which indicates a change in direction is in the cards but we don't have a pattern that indicates long term price support yet.

On a 3m chart I expect price to test the 1.75 level and if it fails there we may see the real test of 1.29 over the next couple days.If it punches over 1.75 then we will need to see what kind of price action occurs there.

#cryptocurrency #money #investments
6 years ago in #steem by
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