Steem Update (21/06/2017): "Testing Waters"!!!!!
Steem is trading very volatile today, may be due to launch of Hard Fork 19 in its system. Today, it opened gap up at 84k Satoshi went up to test Resistance level 90k Satoshi,then went down to test Support 1 at 75k Satoshi and currently it is trading at 79k Satoshi. Today's candle is looking like "rolling pin" and it spread flat everyone like bread base.
If i draw your attention on chart below, i want you take note of volume bar of today at bottom of chart below, and you can notice that their is not much activity in volume despite of volatile movement prices. Volumes are just on average level, but change its color from blue of yesterday to red bar of today(Marked in yellow circle).
Though the Symmetrical triangle has breached both on upside and then downside today and Steem is trading below of lower leg of this triangle but I am in view that it can closed very near to its 10 day EMA(red wavy line) which is currently at 80k Satoshi,and also inside of triangle pattern.
In conclusion, its been analysed that it will wise to wait for two three days just to look out if it close above or below triangle and 10 days EMA for further clearance of things to figure out in future.
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The volatility may also be in part due to the fact that poloniex disabled their wallets so you can't deposit or withdraw.
Oh ok....that is why volumes are low......thanks for updating me with info...
On point as always, Jimmy. Thanks for the breakdown.
Thanks for appreciation!!!
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