STEEMUSD Breakout! Will It Hold?

Note: this is an update to my analysis on TradingView.

We've broken out of the magenta triangle; however, the Stochastic RSI is now even more overbought, so we might not have enough force to keep us moving upward in the short term. Consider three different scenarios:

1. Price moons from here. This seems unlikely given the Stochastic RSI, but isn't impossible. 
2. Price could stay flat, or even slide down the top of the triangle, until closer to the projected breakout date of May 17 – 18, giving the Stochastic RSI time to cool off. This seems plausible. 
3. Price could fall back inside the triangle. This also seems plausible, plus a failed breakout could also precipitate the break below support projected for April 27. 

Personally, 3 is my preferred scenario, because it would give us time to build more momentum, and would shake out more weak hands. Bitcoin is still facing some resistance, so keep an eye on the broader market. Let me know which scenario you think is most likely in the comments.

Please keep in mind that these are only approximate projections based on historical patterns, that what’s past is prologue, and that these forecasts will hold true until they don’t, at which point they will evolve with market conditions.

---

Make sure to follow me on Twitter at twitter.com/TheGaloisCxn or StockTwits at stocktwits.com/galoisconnection.

You can also help support my work just by using my referral link to sign up for your own Universal Basic Income (UBI) at mannabase.com/?ref=b4aba8dc22. The beauty of Mannabase is that even if you don’t need the extra money, you can easily donate your UBI to people all across the world! If you still aren’t convinced, check out their whitepaper at grantcoin.org/documents/manna-whitepaper.pdf.

---

The above analysis is based on reasoned conjecture and opinion, and is intended solely for educational or informational purposes. It is not intended to be, does not constitute, and should not be construed as a recommendation to buy or sell any security or instrument, or to participate in any transaction or trading activity. Seek a duly licensed professional for investment advice. The above is derived from information believed to be reliable; however, we make no representations as to the accuracy, completeness, suitability, or validity of any information provided. We accept no liability for any errors, omissions, losses, injuries, or damages arising from its display or use. All information is provided as is, with no warranties, and confers no rights.