Technical Analysis Report (Beware the Over-extension)

Jumped on this afternoon to check out the STEEM price and saw some bearish signals in the technicals. Make sure you have stop loses on your trades!

First up, the STEEM price is pressing against 100% of the prior price movement which is common Fibonacci resistance level. On top of that we have pushed outside the bollinger bands on the 4 hour time scale.

Second, the price action on the 15 minute time scale has broken down from a fairly regulate oscillating rally supported by the moving average to wild fluctuations that have broken through the moving average before recovering. It is starting to look like traders are taking profits, don't be caught as the last person out the door!

Advising stop loss at the 0.00062 STEEM/BTC level.

Disclosure:

The report published above is based on my assessment of the cryptocurrency market. Investors should consider this report as only a single factor in making their investment decision. All investments involve market risk, including possible loss of principal invested. The author is a cryptocurrency investor and while he seeks to provide honest assessments to the best of his ability may have a conflict of interest that could affect the objectivity of this report.

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