Steem Analysis. Steem Reach Pick Now Consolidate (#4)

Steem reach $8.36 all times height and now we have a pullback and consolidation, but general direction is still north.

As I predict in my previous analysis #3 ($8.60) a pick at $8.36 have been reached and now Steem price pulling back, but this will be just consolidation pullback. We are approaching crossing of MA9 and MA26 moving averages and we have divergence with price in MACD and RSI. This are signs of reversal so price is going into a pullback. Two Elliott impulse waves are completed and abc correction is now rolling. Target for next higher low after abc pattern completes is $6.17. Main trend will stay intact, because price is above Ichimoku cloud and will just temporary dive into it when abc Elliot wave pattern will be completed. 

So HODLers just hold your Steem. Day traders are probably already cashed some profits and now waiting for next entry point.

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Prevoius analyses: #1, #2, #3. It's good to check previous posts to get wider picture of price movement.

Image sources: Investing.com, 

Data sources: Bitfinex exchange

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Let steem on, to the bright future!