Steem has been trading in narrow ranges with low volumes for many days. It has also been seen hovering around 10 day EMA, but lower volume level effecting the determined decision of both traders and investors to enter new positions on either side in Steem.
But one will agree with me that Steem will take some decisive move as this extended period of indecision will not last longer.
Lets take a help of line chart today to understand the pattern of ongoing moves in prices of STEEM. If, now i take your attention on chart below, you can see different lines in it which represent following:-
- Blue line represent price action of Steem.
- Yellow line is 10 Days EMA(exponential moving average).
- Red line is 50 Days EMA.
- Red horizontal lines are support level and green line is resistance level to prices.
- Yellow highlighted circle at bottom of chart represents volume level of last 15 days.
- Diagonal velvet lines are representing Symmetrical Triangle Pattern.
Now if I quickly come to point that price now which are trading currently around 80k Satoshi is at edge of symmetrical pattern shown in chart above. If in any given day prices start breaching above the upper leg of said triangle and price level to clear out is 81k Satoshi or breaking down below the price level of 78k Saoshi, which is lower leg of triangle, buyers or seller should get ready and if i again quickly draw your attention on chart above you can also see that decisive point approaching soon.
But before entering any side of trade after break up or break down, one must must wait of that day close and also a close above or below said level next day.
In the end, I advice traders and investors to just wait for price action and follow the instruction to enter in any new position in this script.
_________________________________________________________________________________
If you like my analysis do not forget to upvote, follow, comment @jimmyrai28
if not then criticize, this also will be highly appreciated.
You can also drop a comment in 'reply' if want you want me analyze any script of your choice.
previous update link: https://steemit.com/steem/@jimmyrai28/steem-update-21-06-2017-testing-waters
This post received a 2.4% upvote from @randowhale thanks to @jimmyrai28! For more information, click here!
thanks a lot
steen has the potential to cross all the cryptocurrencies out there, but it needs some time @jimmyrai28
yep , it will cross all the cryptocurrencies one day.
Thanks for stopping my friend
Let's see^^
Good analysis Jimmy thanks! Are you a professional trader?
Thanks, yes trading is my profession
Great post. I've been seeing conflicting Technical Analysis, some suggesting it's ontrack for an uptrend and others stating it will break down due to lower volumes being transacted. Considering how invested many of us are in Steemit, both personally and financially (perhaps), and the amazing potential the platform brings, hoping the market begins to see that potential and elevates it.
Thanks for your nice reply, yes signals are confusing yet, but lets see how things pans out from here!!!
Any chance you're seeing a descending triangle? Hence more bullish given the context of an uptrend.
Descending triangle generally forms in down trend hence consider bearish as the chances are high of break down again in prices.
Ascending triangle forms in uptrend hence consider bullish as chances are high of breakup .
Symmetrical triangle are most of time continuation pattern, but here buyer and sellers are in indecision and there are lower highs and higher lows hence formation take shape of wedge.
By reading above three examples now take a look at steem charts again in this post and decide accordingly.
Hope i answer your query.
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by jimmyrai28 from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, and someguy123. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you like what we're doing please upvote this comment so we can continue to build the community account that's supporting all members.
Thank you for update !
My pleasure!!!
Nice analysis .. kept it simple.
thanks for stopping by.
STEEMERITES... Steem on...
@pocketechange
thums up :)