ScaredyCatGuide Sees The Steem Price Battle Has Now Begun
The current price of steem is knee deep in a battle. In the trenches between key price and pivot points.
Will it prevail triumphantly or fall in battle?
I will let the below chart talk to you first and then provide some thoughts.....
Same Lines and Channels - New Game
Looking at the daily chart you see the support/resistance line at around 33k satoshi. We have seen it many times before.
We also see the descending channel that has been in place since early June, which we are now bumping up against.
The Good News
We pushed above the 33k resistance and then created a higher low on the subsequent pull back and now sit above the resistance again. That is at least some positive price action and gives us hope we can push out of this descending channel, finally.
That would be a triumphant exit from the battle!
The Bad News
As I stated we are bumping up on the top end of the descending channel. If we fail to break it and remain in the channel that would mean we continue to trend lower and go lower and below that 33k resistance.
In that case, the current battle would have been lost.
Watch the Spectacle Unfold
Yep, that is all we can really do. Watch and see how the fight plays out.
We need steem to get a little gangster, so here is its current theme song!
GangStarr - Battle
Best Regards,
This post has a great mix of nerdy crytpo analysis and some sweet Gangstarr at the end. Got some Steem on Bittrex and have been watching the battle go in around .0034 . However this is a good investment due to it's intrinsic value. I participate and believe in the currency.
Plus, at these prices. You can still grab a nice little chunk with "fun money" so really nothing to lose. Cost of one night at the bar can equal a decent steem investment. ;-)
My investments are the cost of one beer in a dive bar. I like the way you use the currency of alcohol as a reference point it is also my de-facto currency after fiat and crypto.
Bout a month a go predicted a slow decline in steem price. So i started selling mine and buying BTC, which turned out to be a good deal. Though Steem is holding out better than I expected for this long. Waiting for a dip to buy back. My guess will be Steem drops below 1.50us before it goes above 2us. No timeline estimate.
Interesting. I wish I had done some selling in July to pick up BTC, my BTC holdings are much to small.
Against the USD you very well may be right. As for Steem/BTC waiting to see how this current dynamic plays out. If it breaks down we are headed into the low 20ks satoshi with the big bottom at 16k. Hoping that does not play out though.
I agree with your assessment. Thanks for the good news!
Certainly hoping it works out good! ;-)
Good job with facts an analysis. I predict an up trend and eventually this.
A Giant Bull Flag hopefully? I just Hope Steem and Steemit will stick around long term...
Well, it's a stretch but if it means steem goes up. Then yeah lol ;-)
Good anylsis, upped. I am bullish about steem due to its future value and potentials..see my latest post for details. Thanks for sharing, upped.
I am bullish as well, just wish it didn't represent 90% of my crypto holdings...lol
Hahahaha you are right however do not underestimate the power of social media..steem will be one of the most valuable crypto if all goes well in few years time
I think it will keep on climbing afterwards.
We have a pretty big backbone.