STEEM/USD price analysis (#3)

Steem pick up steam! A lot signs indicating that major uptrend is forming. Steem it taking off!

On technical analysis chart first a line compliance of Stochastic and RSI indicators and new formed support line is obvious. This compliance give support line additional strength and it is quite possible that this support line will continue quite for a while. November resistance line had been broken and price wind up to the main long term resistance line formed in last 6 months.

I recommend to read my previous analysis #2 to better comprehend this one. 

It seams that main resistance line will hold for a while. Also support and main resistance line start to form wedge formation. In my opinion very strong support line will holds and there is no other option that main resistance will be eventually broken before the new year.  Hope that in year 2018 we will start with price around $2.00 for Steem.

As I posted in Bitcoin is on Olympus, but what hat come up must once come down! Steem blockchain is one of most active ones besides BitShares blockchain. Apparently DPOS driven chains are rocking hard. If capitalization will follow this could be avalanche. 

I be back before Christmas for final 2017 review!

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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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