STEEM has me pumped! This chart pattern is absolutely ideal. We're coming out of consolidation from a bull flag down which touched base along the support from the previous high at $4. Now, we're coming into the 5th leg of the Elliot pattern which is looking to be the biggest.
RSI is heading higher after being oversold on the 4-hr chart. This has been the first time STEEM has been oversold in a while and there is movement up.
I wish volumes were a little bit higher, but we're seeing signs of volume increasing. If we keep heading up, we'll be supported by the parabolic trend line which will provide the next support after a run up to a new all time high.
Current ATH is targeted at $12.44 which is awesome. Steemit is definitely one of the better blockchains out there, so it would be well deserved. After hitting that ATH target, we'd be looking to hit support around $8.20 which should correspond with the 38.1% fib level.
RSI on this chart should run up and hit 80 if we get this movement confirmed. This would represent a new higher ATH with a lower high on RSI, so a pullback and consolidation would be following most likely. Should we see bear volumes in heavy amounts, that is a very good sign to keep the prices propped up.
Very exciting times in STEEM land. I think because we rallied so much from the $4 support, there won't be a cup and handle patter, and we will see movement to the upside.
Happy trading!!
I agree on this one. Long term huge upside !!
I like the chart. Seems funny that we could buy Steem around $1 not long ago. Wish I had bought more but I'm pleased that I sold other cryptos and bought at a good time. Now I think I'll start trying to earn more rather than buying, busy this month but I'll make some Steemit time next month and start posting regularly.
Thank you for your analysis! This is very helpful!
@xailer thanks!! It's a great time to be in Steemit land!! :)
Very up beat and positive!!! buy buy buy!!
Good that the tendency that visualizes is towards the improvement. For us is extremaly important the analysis of you like specialists. Thank you. Greetings.
I like your analysis. I also believe in Steem because of not only the charts but the product behind the charts. (This was a lesson I learned from the dotcom meltdown.) What's really going to make Steem take off is when Steemit figures out how to enable people to have their own topic-specific forums like Yuku did in the old days. The product behind Steemit in the forum of crowd-sourced data through discussion forum content is nothing short of brilliant. Now if they can "release" that into the market and let the market make its own "branded" forums but part of the Steemit network, that would be awesome.