Good evening, Steemians all. Maybe you still remember some time ago my analysis of the Steem token, which could rebound as long as it can maintain a price position in the 0.18$ area.
After a few weeks after the review, right this September, the price of the Steem token fell to the $0.15 price area.
This is so scary because it could potentially continue the decline again. Are you curious? Come on, let's review!
In the previous analysis, the steem price was firmly holding at the 0.18 USD level, and that is the key level in the steem token price. At that time, I was quite optimistic that the price of steem would rebound again at that level.
Due to the historical price at that level, it has rebounded several times. However, this area has also been penetrated, making the Steem token price drop to around 0.14 USD.
It also happened again with the level being broken, which put the Steem token price at the $0.15$ level when I wrote this post.
If you pay attention to the current Steem token price of around 0.15 USD and want to accumulate it, I suggest you be patient first.
Because there is a psychological level at the level of 0.14$ to 0.13$.
In the past, this price area has been a strong reaction point twice and made the steem price rebound up to the 0.18$ level.
That is, you can understand that the psychological level of the Steem token price is 0.14$.
However, if this level is broken, then the biggest possibility will be 0.12$ , which is the next psychological level.
However, in my view, it is likely that Steem will react strongly at that level until the end of September.
If you look at the picture below, the price of the Steem token has taken the inducement (xxx) and also swiped liquidity (swipe $).
This shows that the price is confirmed to continue its decline after swiping in the inducement area.
So my advice is that you wait at the level I described above.
Conclusion |
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On the one hand, the decline in the price of the Steem token is not good for those of us who are holding Steem tokens.
However, by knowing more clearly that the steem token can still rebound as long as there is a reaction at the 0.14$ level.
Therefore, at this time, you should wait and see the movement of steem prices and also crypto as a whole, especially since the amount of crypto market capitalization continues to decrease.
Of course, this doesn't only impact the Steem token, but crypto as a whole.
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Dear @gitshock.trading ,
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You have given a nice technical analysis on steem but I personally do not think that steem obeys market structure.
My personal view though but our fingers remain crossed
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Thank You.
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Steem is difficult to analyze using the market structure method.
except in the weekly timeframe.
Therefore, I use a simple method of support and resistance, which is adhered to by the movement of the Steem token.
Thanks for your feedback my friend
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