Over the past two weeks the price of steem as established itself in this range of about $3.50 to $4.50, with many attempts to push higher.
To many what I am about to say may seem obvious but it's still worth pointing out.
Current Price Ceiling
The $4.50 USD area has become a clear ceiling for price of late, a solid one at that. Price has tried to push above it roughly six times in the last 11 trading days.
The good news is the failure to launch hasn't sent us back to $3.25, thus there is clearly a bid in the market.
Outlook
Any thoughts of all time highs or even $6 steem are fantasy until price can establish above the $4.50 area. Once that happens then that price goes from being a ceiling to a floor and we can begin looking upward again to $6 again. Let's hope we get the push soon!
On the flipside, if price slides lower we have alot of price action at $3.25 and then especially at the support of $2.60 area.
Basically there is a lot of noise below that can eat up a falling price, so that's good at least.
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Best Regards,
Disclaimer: All info in this post is my opinion and for educational use.
Free e-book: ScaredyCatGuide to Knowing What the Heck Bitcoin Is
Best Regards,
Disclaimer: All info in this post is my opinion and for educational use.
Lets hope the demand will ramp up in the next week or so. Gotta get the volume up so the price can head back up. let hope we stay clear of that 3.20 support.
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Great, great analysis and I agree. There are sell orders at $4.50, but each time price it's near that level, it's absorbing the remaining unfilled sell orders.
There was a great opportunity to get long was at the $3.25 level because there were buy orders (red circle there). So agree again, that level must hold if we are to move higher.
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I love that your supply and demand data lines up with what I'm seeing, since I just going off straight support/resistance. But then again, this is what creates it I supposed. Awesome stuff man!
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It's my opinion that supply and demand is the only thing that moves prices. But it's so cool how there are different ways of looking at the Markets and draw the same conclusions. I love your stuff as well. Keep the fire coming bro.
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Good .. Very good, I like your way.
You have something different, keep on with your real way, that's what you should prove to everyone, that you are good ..
Allow me @razi04 always be your friend, I want to always follow your footsteps.
Thank you my friend. @scaredycatguide
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Please Stop - @razi04
You just said "follow you","i like your" and in your your last 100 comments you used 92 phrases considered to be spam and you made this exact same comment 1 times. You've received 2 flags and you may see more on comments like these. These comments are the reason why your Steem Sincerity API classification scores are Spam: 54.40% and Bot: 7.30%
Please stop making comments like this and read the ways to avoid @pleasestop and earn the support of the community.
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Kill the bot.
D.
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This is one of those things that if true seems disappointing at first glance but in reality it aint, more time to buy and accumulate at these prices is a gift. Steem will one day be $10/per, and I think that time will be later this year. I could be wrong about when, but I am 100% confident that IF it will happen is NOT in question.
Steem will be a top 10 coin, someday, sooner than many think.
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Bought some more this morning as I think Bitcoin can potentially breakout of the $10k resistance and bring the market along for a quick ride higher.
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Bitcoin is making that run at 10k it looks like :-)
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Upvoted ($0.14) and resteemed by @investorsclub
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Yes above 4.50 would be nice, but happy we are where we are. I believe patience will pay off big.
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