STEEM: The Perfect Combination of Successful Bullish Patterns
A couple of days ago I told you to don't be afraid with steem , since there is a nice CUP and HANDLE Pattern in formation.
The Chart that day was the following:
On that chart I expected that the Red-line, corresponding to the 61.8% of the Fibonacci's retracement, was a good support on which STEEM could rebound up.
The chart today is showing that planned rebound:
Additionally, and perhaps reassuring the Bullish continuation trend, STEEM is playing between to Trendlines , drawn in dark-blue dashed lines at the chart.
STEEM has rebounded on these lines on A , B and C . This "BULL FLAG" pattern used to be composed by 5 or 6 rebounding points. The breakage of the Upper Resistance Trendline by "D" would trigger again the Bulls.
Nevertheless, if STEEM does not break that line there, it may fall again in search of , first the 61.8% Fibo Level or the the point "E".
Both Patterns, Cup and Handle & Bull Flag , would indicate a continuation of the Bull trend for STEEM, currently launching projections of STEEM reaching a minimum between 6USD and 8USD.
Which one will be triggered?
Enjoy Cryptoland!
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently.
Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
I hope market keep bullish, most of top 50 alts are showing a similar pattern which i guess is an excellent signal. is time to set a profit plan laddering and wait with discipline:)
Not all of them my friend. XLM or XRP or BTS don’t have a similar pattern. I mean a Bull flag pattern. Anyway, I’m positive on the continuation of the Bullish cycle in all the market.
Regarding the profit plan, well we should wait a little more to trace a laddering IMO.
Let first confirm the bullish signal then trace the ladder.
Steem on!
The growth patterns sure are interesting. We are still at the level where data collection will prove the influence of new investors, or if the fluctuations are due to the same people just trying to consistently reenter the market at a discounted price.
Keep up the great analysis my friend.
Great post! Very insightful, thanks for sharing :) I've been on the lookout for good crypto analysts, so it was nice to stubble on your account! Keep up the great posts :)