As of the last two days, Steem has finally found a bottom at 1.36. It has broken the 2.00 resistance as well, in response to Bitcoin breaking over the 8500 upper trendline and is currently sitting at 2.16.
If you've seen my last Bitcoin post, I stated that a break over 10k was needed for confirmation of a short-term bullish uptrend.
Similarly, for Steem I would like to see the price breakout from the 3.08 resistance level. By then, we will be over both of the EMAs, and Bitcoin should be channeling between 10k and 10.5k. For right now though, I would like to see an impulsive move towards 2.50 resistance, (100 EMA) giving a better chance for the confirmation at 3.00 to happen.
By looking at the chart, there was some sideways movement a week ago. As a result, there could be some of the same action taking place soon at 2.50 before the run to 3.00.
Another reason that this could happen is the fact that the RSI will most likely be overbought at this level, an indication that we might see some consolidation/several small pullbacks before the next run.
Disclaimer: (I am not a financial advisor, do your own due diligence when investing in cryptocurrencies. This is just my speculative opinion.)
I’m amazed by the strong bounce seen so soon. This is why it concerns me as well given the thinly trade we are still seeing. Small pullbacks will be healthy (and provide good opportunities to buy as well).
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I hope we have seen the bottom but I don't really care that much. If it carries on down, I can buy some more. It's still in a wedge, see my latest post. If it can break out of that, then it looks more likely that the end of this downtrend is happening.
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