Steem Breaks Out!
The triangle pattern that has been forming on STEEM has broken out! @haejin posted about it here just yesterday, and today we have seen the result of the triangle pattern:
MACD gives us a bullish reading, but the RSI is a little overbought on my 1 hour chart. So we may see some resistance and/or consolidation in the shorter term, but longer term this is a great sign that a new wave higher is on the cards!
Happy New Year Steem!
For more great technical analysis and crypto related posts, see also: @toofasteddie, @gazur, @ew-and-patterns, @pawsdog, @cryptomagic, @exxodus, @beiker, @allthereisislove, @lordoftruth, @masterthematrix, @cryptoheads and @tombort
Not intended as investment, financial or trading advice.
You spot the triangle right (or haejin was first) but what trigger a breakthrough through the resistance line is hidden inside a triangle. this is a harmonic pattern ABCD indicating that price move will follow. Check my analysis here #1. I start a serious of Steem price predictions, because we are Steemians.
One more remark. Support line in this triangle is very weak. It's defined with just two price dips far apart. More dips or picks define a line stronger it become. In my analysis I even not draw support line of a triangle.
I'm still learning EW theory so I missed that. Awesome post @tombort!
Yeah you're right! I thought the triangle looked a little weak too, but it seemed to follow it pretty well. :-D
Would be interesting to compare a Steem chart with a BTC/USD chart. I suspect this breakout could be due to BTC dip, but excited for another upward trend
I looked at the BTC/STEEM chart and there are two things I can see as a possible reason for the breakout there.
There is a cup & handle pattern:
But I'm not 100% sure if it's clearly defined enough to be a true cup and handle or not.
There's also what appears to be a rising triangle on the BTC pair too:
So either one of these could have helped the breakout too I think.
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