STEEM: Trading at $1.31, STEEM is mirroring a pattern that has been witnessed throughout the Crypto Currency Market in the last 3-4 months.
STEEM PRICE + VOLUME
The Crypto Currency Market has seen a huge inflow of funds these last 3-4 months, triggering some mammoth gains across the Market.
STEEM has been not exception and has witnessed an explosive few months which has seen the price catapulted from the lows of $0.07 to the highs of $2.80.
Like most Crypto Currencies a pullback was inevitable and it appears to have now completed.
As the Market inches back up towards $100 billion, the ones that missed the first explosive ride have been able to join in and it appears that the whole Market is ready to push higher.
As BITCOIN nudges its way back towards $2,400 it won't be long before it is knocking on the door of $3,000 again.
I expect STEEM to be right behind it.
STEEM is currently trading at $1.31 and is mirroring a similar pattern to the rest of the Crypto Currencies.
Like most Crypto Currencies it has retained its Long Term Bullish trend.
In the above chart I have included the daily volume traded and have highlighted the pivotal point that STEEM turned Bullish.
This pivotal point was around Mid-March, on or around the anniversary of the STEEM Blockchain which was launched on 24th March 2016.
It appears that it was after the 24th March 2017 that interest in STEEM exploded and this can be clearly seen by the huge amount of Volume that was traded.
This explosive amount of volume created an upward force, pushing the price up, which then resulted in a pull back on little or less volume.
It is this lesser volume on the pull back that is set to lay the foundations to drive the price higher.
Over the next few weeks we will keep a very close eye on the technicals, however early indications suggests that a retest of the recent $2.80 will be seen sooner rather than later.
Thanks for reading.
Stephen
Another awesome analysis @stephenkendal ! Thank you for this information. I was afraid that the markets would keep on going down as we get closer to 1st of August, but it looks like the markets are actually stronger than expected. Another look on the issue is the illusion that the markets are recovering, which usually happens after a big drop, the markets start going back up, and people are lured by the illusion that the bearish trend is over, just to be followed by another drop, at the end of which the real corrections start to happen. I think that we're in that illusion phase, and we might see another big drop over the next month until the waters settle with the bitcoin update/fork after which all the hype, the publicity will drive the markets to new heights by the end of the year. Just my 2 cents :)
Thank you for the market update. It is exciting to witness all of this action. It is encouraging to see the market go back up especially since I purchased alot of Steem at a little over $2.
Shared on twitter. Stephen
Thanks for the intel, I m thinking about investing so I take all info I can ^^.
Can't see graphs. Is anyone having trouble veiwing pics today on steemit? Thanks for the post Stephen!!
Great easy to read informative post Stephen. I agree the price of Steem will increase in the next few months, especially around Christmas.
Thanks for always doing these. You recommends seem to be on point most of the time! I hope to see steem at 2.80 again!!
This is great! I will be on this ride for years :)
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