Nice Recovery For Steem Dollar: Up 28% For The Week
Steem Dollar had an awesome week. It started very negative as did most cryptos, but then it gained a lot of strength and finally closed the week 28% up. Here is the weekly chart:
Comment: We can see that we bounced off from support around 2,35 and then ran all the way up to 4,40 where we closed for the week. The candlestick does not look super bullish but at least it is more bullish than bearish. The thing is that we were all the way up to 5,56 so if we had closed up there it would have been super bullish.
In terms of the stochastics, we have now touched 20 which is good news, I dont see much more downside potential from here, rather a lot of upside potential. The volume did also pick up during the week, but just a little bit more than the previous week.
Finally, lets have a look at the daily chart:
Comment: From this daily chart we can see that Steem Dollar broke out from the falling wedge formation and we are now headed up to the resistance level of 6,50-7,50. If we can penetrate that area, we want a close above 8,75 which is the latest short term peak we have. If we can do that, I would consider Steem Dollar to have broken the short term bear market.
Happy Steeming!
I like that STEEM and SBD are rather resilient and do not fluctuate as much as some other cryptos. They weather the storm a bit better than the rest of the market.
I feel like holding this long term is the best strategy. There should be some upcoming events that give STEEM a nice jump, like the VICE ICO and other companies using this platform in the future.
Good luck to all, thanks for sharing.
This is a very good proposition for me. I am gonna sell my Steem dollars which are in my wallet after the rates reach 6 USD. Hopefully, the rates will rise.
Tweeted this post. We need some excitement!