Steem Technical Analysis 17/05
This is the first thing you see when you go to a higher time frame for STEEM/BTC chart.
The last high steem had was in Jun 9, 2017, after that it's been making a triangle and according to my count we are in the E wave of right now.
Remember E wave is a failure wave, What it means is that we it'll most probably go in the other direction than it's supposed to after starting.
In this case E waves is suppose to go down and touch the triangle, but it looks like it won't happen unless something really drastic happens.
Even if we do go down in case we'll touch the triangle support region and bounce up and out of the triangle.
Daily chart showing we are close to completing ABCDE correction
RSI support region
Same story with MACD
There is not much to say here. This is looking very good for anyone holding steem, The coming days are going to be fun.
We do have to always keep Bitcoin's price levels in check, as it's Bitcoin that moves the whole market up or down.
If we are to break $7800 region for bitcoin expect trouble for steem too, maybe this ABCDE pattern will not play out as it should if something like that happens.
So keep Bitcoin in check.
If you're a long term holder you really don't need to worry and just enjoy this ride.
Classic example of ABCDE, Notice how the volume is dropping as we come near the apex!
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