Steem Analysis. Steem Take off hard (#1)

Steem pick up sharply in the last past hours. ABCD harmonic pattern with good Fibonacci proportions indicate that target in the next hours is set to $3.83.

Steem was last 10 days in ranging market between $2.5 and $3.5 price levels. Strong resistance line was hold for this period. Yesterday I already spot that ABCD harmonic pattern have been formed, indication of start of a new uptrend. Pattern have good Fibonacci proportions indicating ability to support next up impulse wave. This wave come out to be with great momentum and in 1-5 faze climbed price to $3.78. In the time of writing an abc pull down is forming preparing price to jump from 3 (light blue) point again higher.

MACD average lines have crossed center line Ichimoku cloud was penetrated and RSI readings are around 70. All this indicating starting an uptrend. I suspect that this think could be huge. We can be quickly in $4.14 to $4.50 levels. Chart says year 2018 start could be start of a bigger rally of Steem price.

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Image sources: Investing.com, 

Data sources: Bitfinex exchange

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Let steem on, to the bright future!