STEEM Technical Analysis Jan 21 2018
Hey everyone. I've decided to start doing weekly technical analysis videos for the cryptos that I'm interested in.
Mainly because a lot of the ones I see are just terrible.
TA is not a magic ball that will tell you exactly what will happen. If it were, the profits would be arbitraged away.
What TA does show you is the aggregation of market participant psychology. It shows you how many people bought and at what price. Those pieces of information can give you insight into how people will react to future price movements.
No TA is perfect. Do your own research before making a trading decision!
STEEM is in a wedge formation looking to break out to the up side. HOWEVER! You have to be careful because STEEM is heavily influenced by a weak BTC market.
My expectation is for STEEM to go back to $8 in the near term.
▶️ DTube
▶️ IPFS
I don't really care for the shortterm profits with STEEM, but see it as the only currency that really has longterm potential.
I'd disagree with you there. There are several that have long term potential. STEEM is definitely in the upper echelon though with its ability to scale.