Steem is being held down by a major descending resistance line that dates back to late April. We need to see a large increase in volume to break above.
Steem droped back below the 8 day EMA, signaling the bears are taking more control of the market.
Price is now being squeezed tightly within a wedge. I expect a break up OR down within the next 8-12 hours. Unless volume increases, a break down to test the support (21.5K satoshi) is likely.
The 4 hour MACD is about as neutral as it can get. The histogram can’t be and tighter. The MACD and trend line are laying on top of each other and moving sideways. This won’t last long.
The 4 hour RSI is also being squeezed together within a wedge. As it approaches the apex, a breakout become likely.
Currently it appears STEEM is in a perfect second wave, looking for bottom. It may drop further, before rising. If volume increases, price will likely begin a 3rd wave up as charted below.
Please watch the below video analysis for MUCH more detailed information not included above.
Video Analysis:
Let’s see how the next 24-48 hours play out.
BIAS:
Short Term: Neutral
Longterm: Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Workin
If you found this post informative, please:
If you don’t have an account on Binance, I STRONGLY recommend getting one. They’re usually the first to get reputable coins, have excellent security and second to none customer service. Sign up here free of charge: https://www.binance.com/?ref=16878853
Brave is one of the safest, ad free browsers ever created. It helps support the crypto ecosystem by awarding content providers with BAT tokens. Join the revolution and download the latest version here: https://brave.com/wor485
Follow me on Twitter (handle is @Workin2005) and Facebook to receive the latest updates. https://www.facebook.com/Workin2005
Published on
by Workin2005
Really enjoying watching these videos daily. You drop some real practical nuggets which I can grasp at the beginner level, while I enjoy looking at the "pretty pictures" (charts) while I increase my knowledge of the tools through other YouTube videos like the "Data Dash" channel tutorials. I'm all about from education when it is made available. Tweeted this one out as usual :
https://twitter.com/BitcoinsNGravy/status/1016532680882544640
and
https://twitter.com/BitcoinsNGravy/status/1016532680882544640
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Very nice analysis, maybe just a pause before price goes higher.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks @rollandthomas.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
good analysis thanks for share the information good working bro .and we need to this type content
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Good one.. very nice analysis..
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks @archana25
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Waiting for the breakout of the downtrend line ;)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
crypto is not support all cuntry so not safe for feture anytime close this system
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit