Analysis
STEEMUSD broke through the $1.65 today, which was a key resistance. I noted yesterday that if STEEM broke through, after a brief settle, perhaps a small retrace, which is what happened, this would act as a means of support and give confidence, causing a possible break in that $1.65 resistance. Well we certainly got that the last few hours. A spike up to our most recent high. Looking at the fib we could get up to $2.16 as a point of settling and calming down, but we do have resistances at $2.27 and $2.42 that were broken briefly by the spike. This next day is going to be very interesting. Ideally we want to see STEEM gain some calm and not see a complete pull back. We are likely to get some, in fact what we have seen in the chart is indeed one from the sudden spike, but we shall see.
What do you guys think?
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** DISCLAIMER ** The information provided is my own analysis and should not be taken and is not given as any form of financial or trading advice. Any trade, investment or decision based from this information provided to you, is as is and I cannot be held responsible for any decisions you make from this information. DO NOT RISK what you cannot afford to lose. Trades can result in losses that are more than your initial stake. Seek proper training and paper trade before you use real money. Should you be interested in Technical Analysis, please look at my other articles on them.
Hi there Stu. Great post. I stumbled upon your channel on YouTube. Being a market enthusiast myself, as well as a member of this growing community, I am curious what your thoughts are on the rise of Steem Dollars recently?
I joined #Steemit earlier in the year and enjoyed it at first but got turned off by the spam posts and whale dominance of the platform. I have returned as I see that there are users contributing quality content such as yourself. Keep up the good work!
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