STEEM - Price Analysis - April 8th 2018

In my last post I talked about that steem would have a retracement and this retracement could have been over. And that you could make a trade if it broke out of the downward channel. But that we shouldn't be too certain since bitcoin was still weak.

Since then steem broke out and has made a triangle. I expect this triangle to breakdown, together with some more weakness in bitcoin. I expect bitcoin to go back into [6500-5500] range. I will be looking to open a position there for longer term.

An important date I look out for is the 18th of April for a possible reversal into a longer term uptrend. I don't base my trading on important dates, but if a reversal happens that day, I will take that as a positive sign.