Steem has formed symmetrical triangle | A Fresh Breakout will Fill our Hearts with Joy

CryptoKraze Technical Analysis

In this post I am going to cover technical analysis of Steem for long term trade. I am using tradingview charts and price linked to Bittrex exchange. Let's have a look on technical aspects of Steem.

Possibility on 4 Hour Chart

If you look at 4 hour chart, you will see Steem has formed a symmetrical triangle and likely to breakout. This is very common pattern in cryptocurrencies, whenever a coin makes this descending triangle, a breakout is imminent that might happen anytime soon. If we look at RSI, it has touched 70 level and has dipped below 50 level. It has to rise up to touch 70 level again.

I have a buy entry at 0.00045000 with my profit target will be around 0.00060000 or above.
Stop loss just below the entry area is must for trading if you don't know the Averaging Technique in Crypto Trading.

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Disclaimer
Crypto Trading is risky business and you can loss partial or full amount of money. Trade at your own risk with that money only you can afford to lose. Bitcoin unexpected move will make this analysis void.

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