Technical Analysis on STEEM: Waiting For a Breakout
STEEM bounced nicely off the 21K-20K support zone. It’s been consolidating for the past couple days, creating what appears to be a bullish pennant. In today’s video analysis I discuss the major support/resistance areas to watch, as well as where STEEM may be heading next.
Video Analysis:
Please watch the above video for detailed analysis not included in the screen shots below.
Big Picture Support/Resistance Zones:
Bullish Pennant Spotted. Waiting for breakout.
Double Bottom in 1 Day RSI Results in Break Above Descending Resistance:
2 Month High on 4 Hour MACD:
Big Picture Count:
Zooming In To Count the Sub-waves:
We all know by now that STEEM, like most altcoins, is tied to bitcoin. The above count is only valid if bitcoin doesn’t drop. If BTC remains bullish, I believe STEEM will continue to rise at a greater rate.
BIAS:
Short Term: Slightly Bullish
Longterm: Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Thanks for stopping by.
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FYI…I just started a Facebook and twitter page where I’ll post analysis, along with other relevant crypto data from myself and others. If you’d like to be notified as soon as updates reach Steemit, the twitter handle is @Workin2005 and the Facebook page is https://www.facebook.com/Workin2005/
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by Workin2005
Excellent! Perfect timing for an analysis, with the welcomed JUICY jump up in price. Having now discovered that you are also putting out the "Daily Buy/Sell" series, as a marketing guy - and having hit on a winning pacing formula for myself here on Steemit - I suggest that you simply alternate posting the "Daily Buy/Sell" and the deeper analysis posts - that is, every other day. This will allow you to keep a steady flow of daily posts WHILE ALSO providing the time to properly create the deeper analysis posts. That would be SIX consistent posts per week which allows time to earn more on each post AND give the readers time to process the information. This is your winning formula, in my opinion...
Good ideas. That’s kind of what I’ve been doing. I’m still attempting to find out the format that will appeal to the most people. I keep hearing conflicting opinions. Some like the longer, more detailed videos while others just want the bottom line. Coming up with something in the middle is challenging.
Hi. Yes. This is why I think that the IDEAL mix is an ALTERNATING combination of the longer video posts and the quick price update posts. Let me provide a personal example of my daily curation activity (primarily via SteemFollower). Each morning, - when the SteemFollower 24-hour clock resets - I immediately go in and upvote the mandatory five posts. I choose ONLY posts which I intend to actually read (and increasingly respond to), and I choose a healthy mix of more in-depth posts (like your deeper analysis videos posts) and "quick hits" (those which are BOTH interesting AND which I can consume in just a minute or two). I then process to sequentially open up each post (via the SteemFollower profile page), between my other work tasks, and try to comment on ones where it is appropriat/helpful. For longer posts (like your in-indepth video analysis ones) I KEEP those open and work through them in CHUNKS. For audio, like songs, I can play the audio while posting MY OWN posts in Steemit Chat or Discord (multi-tasking). In this way I am able to MINIMIZE information overload (on the longer posts) and COMFORTABLY consume the information at a healthy pace over the span of the day. Once I am done with the first round of five posts I simply go in a upvote another five. Since my SP is above 500 my maximum upvote limit is 35, which is MORE THAN ENOUGH for me to do a few batches of this process (on average, I would say I do 4-5 batches of five posts daily, which then allows me to upvote some post and comments OUTSIDE of SteemFollower AND keep my voting power at a generally healthy level - although sometimes I overinduldge (at which point I put more focus on commenting versus upvoting while the SP recuperates). have a meditation on this and feel free to let me know your thoughts...
Hey @workin2005
I've not been able to check the price action the last few days so it was a nice surprise to see it bounce up.
Thanks for the info.
Gaz
You live the life I wish I could. No time to check things like crypto prices. Haha
Lol. Poor excuse I know. We are back in Bristol visiting family so it's not easy, especially trying to blog without continually disappearing. I not complaining though. It's good to be back.
Not a poor excuse at all. That’s the best excuse. You’ve got your priorities straight.
Lol. I'm not sure about that but I try! 😁
upvote for me please? https://steemit.com/news/@bible.com/2sysip