Steem has Formed a Bullish Flag Pattern | Another Impulsive Move is Expected to $8

CryptoKraze Technical Analysis

In this post I am going to cover technical analysis of Steem for Medium Term trade. I am using tradingview charts and price linked to Bittrex exchange. Let's have a look on technical aspects of Steem.

Possibility on 4 Hour Chart

If you look at 4 hour chart, you will see Steem has made a big impulsive move and now it has formed bullish flag. This is very common pattern in cryptocurrencies, whenever a coin breaks with big impulsive move, it pulls back and waits for some time before making next impulsive move. If we look at RSI, it has gone above 70 level in first impulsive move and has to dip close to 50 level now, so we have a pull back done and next impulsive move is ready. If we look at bollinger bands, the price has touched upper bands and now it will reach median line and then break above. I am expecting steem for another wave up to $8.

I have a buy entry at 0.00049000 with my profit target will be around 0.00065000 and 0.00071000 or above.
Stop loss just below the entry area is must for trading if you don't know the Averaging Technique in Crypto Trading.

Have a look on my other Posts

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Disclaimer
Crypto Trading is risky business and you can loss partial or full amount of money. Trade at your own risk with that money only you can afford to lose. Bitcoin unexpected move will make this analysis void.

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