STEEM/BTC

Ok, as I've started using steemit, I should have a careful look at STEEM/BTC!!

Weekly chart

You can clearly see a huge triangle in the weekly chart. It's a variation of the 'descending triangle', which is often bearish. However, in this case, the triangle bottom is at the all time low level and we see more volume when the price was going up. So, I don't think you should be too disappointed. The price is currently holding the 50 week moving average.

Daily chart

Now let's look at the daily chart, many coins had a bull run in April and the same here for STEEM. The price hit the upper resistance line of the triangle but failed to break out. Then, the price went down all the way to the 200 day moving average and quickly bounced back above the 50 day moving average and currently holding it. The next resistance is 0.0004BTC/STEEM.

I think it needs more volume to break out the resistance line (and the upper resistance line of the triangle). The cryptomarket is lacking volume these days as seen in BTC/USD or other fiat pairs. Altcoin price action would be strongly affected by how BTC moves.

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Disclaimer : I am not a certified financial advisor. This post is just my personal opinion and not financial advice. Please do your own research and do not trade just based on my posts.