STEEM and SBD Flash Analysis - SBDs Triangle Continues + STEEM On The UP!

STEEM/USD

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https://www.tradingview.com/x/qBN5Kc3m/

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STEEM broke out against a resistance line only yesterday, and we've been seeing a nice rise in the USD value since then.

The MACD is just coming up to the 0 line and in a bullish fashion too, while the RSI is stronger than we've seen it lately at around the 60 level.

All signs seem to be pointing to higher USD prices for STEEM right now, and this could just be the start of a new cycle of 5 Elliott Waves.

The same thing can be seen in:

STEEM/BTC

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https://www.tradingview.com/x/JzQGQ4gu/

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We've seen a clear breakout for STEEM on the BTC pairing, and with Bitcoin seeming relatively weak right now, that's perhaps not too surprising.

Unlike on the USD pairing, against Bitcoin, STEEM is trading with slightly better strength.

The RSI is at a nice level well above the key 50 figure much like in the USD pairing, and a bullish MACD above the 0 line gives us a key indication that STEEM should rally against Bitcoin for the foreseeable future.

SBD/USD

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https://www.tradingview.com/x/7an6nCFb/

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Steem Backed Dollars continue trading inside a triangle pattern, and we're still waiting for the "D" and "E" of that triangle to be hit.

The RSI is around the 50 level, so it could do with being a little higher in order to hit the upper resistance of the pattern.

The MACD is also on the bullish side of things, although still just below the zero line.

If my triangle pattern is correct, then I expect we'll see more sideways action to happen inside that triangle, before a breakout will occur.

When that breakout does happen, I expect (and hope) it will be in an upwardly direction.

We'll see what happens!

In the meantime, STEEM will probably outperform its counterpart for a little while longer, before we see the SBDs catching up.

Thanks for viewing!

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For more awesome technical analysis and crypto related posts, see also: @toofasteddie, @gazur, @ew-and-patterns, @pawsdog, @cryptomagic, @exxodus, @beiker, @allthereisislove, @lordoftruth, @masterthematrix, @cryptoheads, @tombort, and @maarnio

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Investment, financial or trading advice, and strictly for fun.