STEEM/USD price analysis (#2)

STEEM stabilizing around $0.90 and this is probably a price for next 4 mounts, but it could be some uptick.

In Jun STEEM was at $2.80 and from there we have downfall. In July a laid resistance trend line start forming which become resistance line till now. In the beginning of October another pick confirms resistance line formed in July. This resistance line (blue) will be upper limit for next two mounts.

From July the price of STEEM was confined between 23.6% and 50% Fibonacci retracement levels with some breakout tryouts and October pick run. 

Technically this will be the range for at list next two mounts. Some indications is present in divergence between Stochastic oscillator and price base in November and new resistance line is forming also. We can expect mild uptrend and ranging regime with some picks around 50% Fibonacci level. Prices around $1.40 maybe will be to optimistic in next two mounts, but 23.6% level will probably hold and I think that will be no drops below that level.

There is two more clues that the price will gradually recover. We have crossing of MA9 day and MA26 day moving averages and recent volume spike. When MA9 crosses MA26 from below this mean possible start of trend. The volume spike also support that idea.

This my 30 day old analysis is also actual. Contains some useful information.

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Data: Poloniex exchange STEEM/USD

Image sources: www.tradingview.com

Disclaimer: If you use my ideas and analyses in your investment ventures, you take all responsibility and consequences about your actions.

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