STEEM & SBD Update - Things Are Looking Good!
Things Are Looking Up For STEEM and SBD!
I didn't get around to posting my STEEM and SBD charts yesterday, because I was too busy talking about Korean FUD and Kentucky Fried Chicken, so let's have a look now!
Before we do...
A Quick Word On Triangles
You may notice that some of the triangles from earlier posts have gone or been changed, this is due to the drop that happened yesterday. Some of the patterns I had drawn were violated, so I either had to remove them, or redraw them.
STEEM
STEEM Vs USD
STEEM has been trading against a downtrend line in USD terms, and it seems that we have finally broken through that resistance today:
4 Hour Chart
We are also seeing an RSI at the key 50 level. A little higher movement there along with a MACD that is turning bullish should see the price of STEEM on the up once again!
Whether this is the start of a new rally in dollar terms remains to be seen, but it looks like a rally against Bitcoin is just beginning...
STEEM Vs BTC
One of the triangle patterns that wasn't completely ruined by the Korean sell-off was this one:
2 Hour Chart
It looks a little different now, but I expected this to be a bullish triangle with a breakout to the upside, and seems to have done exactly that. (I surprise myself!)
The RSI is looking even stronger here, and the MACD looks great too, with it looking bullish and also seems to be heading above the 0 line too.
STEEM is coming for your Bitcoin!
Lastly...
SBDs
I had to redraw my trend lines here due to the drop, but the pattern is still pretty much the same.
I'm not 100% certain we're in a true triangle pattern here, but if we are? Then the "D" should be the next thing we'll see happening, followed by a drop to the lower line for an "E", and then the start of a new rally higher.
At the very least, we're in a compression/coil pattern and should be watching very closely for any breakout above or below those 2 key levels:
4 Hour Chart
SBDs are somewhat lagging behind STEEM/USD and STEEM/BTC at the moment, the MACD is only just starting to go bullish, and the RSI is the lowest among the 3 currency pairs.
SBD may lag behind STEEM in terms of when the next bull run will happen, but I'm confident it will follow eventually, we just need to see that resistance level breached!
Any thoughts on the above, or any more interesting STEEM/SBD analysis I should take a look at? Leave me a message downstairs!
Steem On!
Not investment or financial advice.
thanks for update)
And thank you for voting @ipumba! Appreciate it. :-D
good stuff, yes, it looks like Steem is breaking its downward trend and breaking to the upside - I hope this new up tick holds and forms a new trend :)
SBD though may be another story. I see 2 pennants, the second lower than the first and now a new lower pennant may be forming?
Fun stuff, only time has the definite answer. In the meantime the chart pattern analysis is a good indicator of the probable course that will be tracked over the next few days if the black swans stay out of the picture.
Thanks for posting this @futuristgear, good stuff here.
Thank you @watertoncafe!
I'm not too familiar with the Pennant pattern yet, but I think I can see what you're saying there. One ending before the "B", and another starting at the "B"? I better look into what that could mean.
I certainly hope that SBDs do follow a similar pattern, higher STEEM prices with lower SBD payouts might not be too much fun for us. (Although higher STEEM = Higher voting power I guess).
Like you say, we'll have to wait and see!
If I see another black swan, I might be tempted to shoot it. ;-)
here's the official version of flags and pennants > https://www.investopedia.com/university/charts/charts6.asp
here's my take on the 2 pennants, loosely translated >
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and having said that, I have no idea where the wind will blow the chart next. If I had to guess I'd lean to a little more downside before we see a solid bottom and sustained uptick again. but that is pure speculation on my part. I hope I'm wrong and I'd be very happy to be wrong.
Oh, I think I just spotted a few more black swans coming our way . . .
Thanks for the link @watertoncafe!
I think there will be some further downside soon for sure, but that's to be expected if there is going to be a "D" and "E" in the areas I've placed them. I'll have to check and see if we're still aiming for "D" today.
I hope not! :-D
following your posts with interest. looks like we may be off to a bit of a rebound this morning - whether that is short lived and there is a bit more downside or the markets are putting this last weeks bad news behind them and are resuming an upward trend? - time will tell. it would not hurt my feelings nor my portfolio if this is the start of the next leg up.
Thank you @watertoncafe :-) I'll hopefully do another 1 or 2 posts soon.
I'd love to see another leg higher too, that would be very welcome. :-)
how do you think about the price of sbd and steem that is getting more and more the price,
how do you think about it
I'm not 100% sure I understand your question @rizalmahrez, but I think both STEEM and SBD should continue going up. STEEM should move up first, followed by SBDs.
That's if there is no more FUD/Panic selling of course. :-D
Nice post. Thanks for sharing.
Very nic