Technical Analysis: Steem - Feb 14th
Steem looks to have broken out of its downtrend it was in and is looking to make a new impulse move up. It has taken out the previous high set late on the 12th and has its eyes set on the $4.81 resistance. It has been awhile since we saw a big move in Steem and due to the longevity of this sideways correction, it is more than likely this next move will take out that $4.81 and we should see massive gains in the coming days. It still needs to take out the upper trend line as seen in the chart but we have a good case for a bullish trend so there is much support behind this move.
Will Steem be the next crypto to start its one stop pass to the moon like Litecoin is looking to do right now? Will other cryptos follow BitcoinCash and Litecoin in their massive 33% plus gains this week alone?
I really doubt it. I believe we have already seen the top for the next while. probably trade sideways and trend down.
Steem is forming/about to breakout a symmetrical triangle.
This is a continuation pattern so I would expect Steem to do a bull cycle and retest new highs.
As everything goes through a nice pump except steem and a few others. Dump it while its above 4$