STEEM has been channeling nicely for over 4 months!
Is now sitting at the lower channel an its very probable that it will test the upper one again soon.
Right now STEEM is at $0.96 and the upper channel is around $1.7, that's over 70% profit potential with relative low risk.
That contracting MACD is set to bust soon and the most probable direction is UP! I have no doubt that the upper channel will be tested again in the next days.
But that's not all!
STEEM is making a long term super bullish pattern called Cup & Handle and that itself is a combo of two very bullish patterns called Rounding bottom (Blue line) and a Bull Flag (Green channel).
STEEM found its All Time High at $4.986(July 13th, 2016) and after that a bottom at $0.0565 (March 10th, 2017)
The fibonacci golden correction (61.8%) relies around $3.10. (Hold that price for now)
After the bottom i mentioned, STEEM started another 5-Wave Combo, this year's high were found at $2.82 (June 9th, 2017) [WAVE (1)] and we might be experiencing now the end of [WAVE (2)].
For [WAVE (3)] i'm expecting an impulse to around $5 (1.618 extension from (2)). The end of [WAVE (5)] could potentially be around $8 (0.618 extension from the top at $4.99 and 2.618 extension from (2)(i just love that convergence of ratios)]
My mid term picture for STEEM looks like this then:
I'm printing the end of (3) ($5) by the end of the year and the end of (5) probably around the second quarter of 2018. ($8)
That's ending the year for STEEM with a market cap of over 1B, probably a place into the TOP10 where it's supposed to be!
For the REAL HODLERS!
A long term picture for me looks like this:
That's right, the top at $8 is just WAVE III for me!
The technicals and fibonacci suggest me a top, a wave 5 of (5) of V top around $13
That's my target for 2018, pretty conservative if you ask me, as it would mean just a market cap of around 3.5B for STEEM in the long term.
The timing may change as new data arrive over time, but i'm sticking to that count and those levels.
Let me know your thoughts below!
- Stay connected for more Updates!
MATERIAL PURELY FOR INFORMATIONAL AND/OR ENTERTAINING PURPOSES, THIS IS NOT FINANCIAL ADVICE, BE SURE TO ALWAYS MAKE YOUR DUE DILIGENCE
Looks like steem is taking it's sweet time before it comes back in it's aggressive state
Great time to power up a bit huh? Thanks a lot for the feedback!
img credz: pixabay.com
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I always find analyses like this interesting, because it's always fun to watch how the market actually moves and compare it with predictions.
It makes it even better if you're making money in the process. haha
I'll have to consider buying some more STEEM. Might be a good idea right now. Thanks for sharing. You've got a new follower!
Thank you very much for the feedback! A lot more to come.
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Thanks for this technical analysis. Can't wait to see steem break its ATH
Thank you my friend! I have a feeling that its going to be soon!
Thanks for the analyses on STEEM. Been holding for some time.
Do you expect the channel to be broken before bitcoin tops out?
Thank you! I do expect altcoins to go full phasic with BTC and get new highs before Segwit2x is activated.
Great post
Thanks! Much more to come.