Steem(STEEM/USD) Update 17/02/2018: Out Of Declining Trend, What Next?

in busy •  7 years ago 

Steem has been showing strength in declining trend for last many days. It has been in process of making higher highs and higher lows on very short term though the overall trend was down.
STEEM.png
By looking at the chart above I get an idea that steem trend started to change when it hit support level of $2.5 and also bear exhaustion candle appeared on a daily chart on 6th feb. 2018. Since then steem is in process of making higher highs higher lows which eventually took the price out of Descending trendline.

Though the volume is not painting a pretty picture as it is running down for some time which i think is new normal for this script.

What next?
As Steem price close above the descending trendline, next move could be an attempt to breach resistance level of $5.

Has trend Changed?
Trend at this point in time is neutral to negative and it will only change up when the price starts to trade above rising trendline which is drawn in yellow color on a chart above.`

With that note, I am signing off this little update.


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Steem is in accumulation zone and it will breakout any time big volume come to it. Then it will stabilize around 6 to 7$.

Ultimately steem has to reach 10$ before mid year.

you are right in context to accumulation, but "Ultimately steem has to reach 10$ before mid year." this has to i can't understand......

It means my mid term target of steem is $10

Good analysis!
I agree, we are still in a retracement. Would need a pullback and new push up to change the trend.

yeah,, seems the market is going up
good analysis
hope 2018 will be fortunate for crypto

Nice analysis @jimmyrai28
Thanks for checking my posts too

i think its a good job.... beautifully done this.... i am new follower of you because your post impressed me highly....