[Breaking News] Steem Is Rebounding, But Will It Last? (Analysis)
Wow, we have really had a bloodbath in the cryptos. Im on vacation but it is hard not to keep an eye on it so I will give you a quick update on Steem.
Overall it looks like most cryptos have bottomed on a weekly basis but lets have a look at the daily chart for Steem:
We can see that yesterday, Steem formed a nice looking hammer and today it has gone up more than 10%. That is optimistic and a good sign, but its not enough to be sure. It must pass through the last top of 0.0075 BTC and close above that price on the daily chart. Otherwise, we risk going downhill again.
Lets get over to the weekly chart:
Here we can see that Steem is also about to form a nice looking hammer for the week as well but we still have 4 more days until this week is over so it is way to early to take anything for granted at this stage.
What is good though, is that Steem touched its weekly moving average at around 0.004 BTC. Most things always pull back to its mean, and cryptos are no exceptions.
Also, we could always face a double bottom, and if that were the case, we would have to go back to that bottom again in order to really create a solid foundation.
Anyways, if you are into Steem for the long term, this could be a really good time to buy more and power up.
Happy trading!
Cheers for the simple price action analysis.
I'm still endlessly sifting through a tonne of affiliate links or single chart nothing type posts on the #trading and #forex tags. I've given you a follow but if you'd like to start contributing to the #chartart tag for proper technical analysis then that would be great.
Peace!
thanks man, I was not aware of that hashtag, but I will have a look!
Just trying to get it up and running for real technical analysts. Using something less broad like #chartart will hopefully stop the 1 post affiliate marketers from flooding it with their junk.
Spread the word ;)