What do you mean by "we see there is some support level forming right now that is trying to break it, which is the same level that has been a resistance before."
I am just learning and would appreciate an explanation?
RE: Where i see Steem Price :: Market Analysis for 08/07/2017
You are viewing a single comment's thread from:
Where i see Steem Price :: Market Analysis for 08/07/2017
Yes @masoncerritos as i explain in the graph that we have seen the level before around 0.00061690 ($1.51), And after this point we got a break down. So when it couldn't go higher than that we named it as a resistance level.
Let's call it Your home floor (support) and the ceiling(resistance).
So Steem hit the ceiling and couldn't go higher than that and then go down. And in the second time it break this level, so when it got broken it will keep up with another floor, that form a new Floor which is the ceiling from before and ceiling number 2.
Your most welcome.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Now I get it and thanks. Is good to understand that there is a value between to poles and the ceiling being the highest caused the steem value to stop raising and as a consequence it went down a bit. So what you are saying is that you expect that the ceiling level will break is the idea that the price of steem will raise higher than before creating a new ceiling level and price floor.
Do I got it?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
That's it, your right! just open the chart and look beyond the trend lines.
Analysis the chart with just price action with line level, so you will get the whole view.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit