STEEM has done it again and set a new all time high at $9.25
Chart Analysis
Without a doubt, STEEM has surpassed everyone's expectations. Just two days ago, on New Year's day, I made a quick chart and projected that STEEM would hit $6 in two weeks. Boy was I wrong. Well not 100% wrong, unexpected pumps do happen all the time in the crypto space, and charts cannot predict that. However, charts provide tools to analyse what's going on. Although I would love to see STEEM stay at $8-9 or more, market fundamentals always win.
click to enlarge
The chart shows two overbought candles that are way above the upper Bollinger band. With bursts like that, there is a high chance of a correction. We have a MACD cross-over and a strong RSI supporting the pump. By doing a Fibonacci extension, we can see that the 61.80% retraction should land us around $6, which is my exact prediction from two days ago.
If the price consolidates at $6 for a while, say a week or two, then STEEM can surely blast its way above $10 with more solid grounds. Personally, I like to see healthy, solid and slow increases, with periods of consolidation, rather than quick pumps.
STEEM is currently ranked 25, with almost $2 billion USD in market cap, and is trading today around $8.
So in the mean time, sit back and enjoy some tea.
DISCLAIMER: I'm not a financial nor a professional adviser. I formulate my opinions based on my research and interpretation of market news and chart analysis. If you're not a professional investor, please educate yourself before doing any market trading and don't risk more than you can afford to lose.
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To the moon!
I predicted it that steem will increase massively this month and it's already coming to pass.. 2018 started with good news
Excellent news. Very encouraging to keep hoarding and accumulating. Thanks @drakos
... and blogging :)
For sure. I am starting to get into the habit of making one post per day. Thanks for your encouragement.
What a way to start the year! Go go STEEM chuchuuuuu🚂💨
A good analysis that we have to learn..
Please help to upvote my post, thank you.
Thank you very much @drakos
Steem to the moon
Tea brewed with fresh water... and STEEM !!! Wow !
Steem to the Sun ! i mean moon or whatever
If we go to the Sun, we'll get burned!
hahahah love it to the moon it is....
thank you @drakos for the nice post!
Congrats to all steemit family. I hope one day it will cross 50$ soon I.A.
Thanks for sharing #drakos
What are thoughts on SBD? Should we be holding SBD. My gut tells me to convert it to steem, because we know for a fact SBD is overpriced. It was designed to track the dollar. But at the same time, if you held it you saw 10x gains. I feel like that SBD money will eventually all get dumped into Steem, which could push Steem to $50.00. It's just a matter of when. I would love to hear your thoughts on that.
I wrote my thoughts about that last month https://steemit.com/steem/@drakos/what-to-do-with-the-sbd-pump-a-technical-chart-analysis