Steem in daily chart is not showing rosy picture but struggle is right on card. I want to draw your attention on daily charts below and want you to notice a struggle which is Steem is facing to clear its 97 Stoshi resistance and testing of SUPPORT NO 1 i.e. 76 Satoshi multiple times. Volumes are also on lowest side which i marked in yellow circle below which is also not a good sign because it signify a weakening of bulls hand and that is why reverse hammer candle is in making which indicates change of trend if next day candle is in red or green in color, so tomorrow's candle will be interesting to watch.
If tomorrow's candle happens to be RED then Steem will surely break its SUPPORT LINE 1(76 Satoshi) and will head to test next support of 10 days EMA at 72 Satoshi. On the other hand GREEN candle may result in continuation of bull run which is receding for past few days. It may clear RESISTANCE LINE and also sustain after breakout which Steem failed to do on multiple time.
Steem on a weekly chart is looking very good. If you draw your attention to weekly chart below you can notice that how long steem has witnessed a BEAR RUN after hitting high of 714 Stoshi it low of around 14 satoshi and after that consolidated their for 7 long months.
Finally last month Steem manage to give breakout which I indicated in blue arrow on charts.It then consolidated above SUPPORT 1 which was resistance before breakout. Trend has also seems to be changed as Steem is now trading above 10 weeks EMA which is wavy redline in charts below.And also this script mange to clear long term FALLING TRENDLINE(YELLOW DIAGONAL LINE), indicate a strength of this script.
In weekly chart below I have drawn two blue line which are major resistance area of this script that is why on daily chart 97 satoshi appeared so tough, only because of this weekly resistance. So, once this script clear this area of resistance then further upside will happen. It might give very sharp spike on upside because clearing of mentioned resistance with create and confirm SAUCER PAN FORMATION and this formation has history of sharp upside movement.
So, I conclude this analysis with a hope of positive outcome.
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.If you like my analysis do upvote, follow, comment @jimmyrai28
Please note:- Satoshi is the smallest fraction of a Bitcoin that can currently be sent: 0.00000001 BTC, that is, a hundredth of a millionth BTC. In the future, however, the protocol may be updated to allow further subdivisions, should they be needed.
(This info is in courtesy of Google search)
Im waiting for correction into Support 2 and then buying more for sure!
Best of luck and happy investment!!!
Great technical analysis .
Good analysis
thanks for appreciating!!!
ya... fine
Great analysis, but is your use of Satoshi correct? Seems to me you're a few decimals off :)
I am also new in using this satoshi thing....i might be wrong... but some senior repo anaylist here use satoshi in similar way i use so i might be right also
Maybe they just use satoshi because it's easier than .0000.... But 76 Satoshi are about $0.0022410576, which Steem is obviously higher than. Either way, we get the picture :)
Oh thanks for buddy correcting me , i will insure correct use of satoshi next time.
Upped you
Gracias
Do your research on this thing and update me accordingly. .thanks
sounds very much too technical to the normal person that understands none of this , LOL ! Great post for the effort but I don't under stand it! Please at the end maybe give your synopsis of what this all means in English !! LOL ! Thanks , keep up the great work !👍👍👍 upped !
HAHA , will definitely take your advice into consideration!!!
Thanks for stopping by....
your welcome !
Looks like your Posts are gaining a lot of Steem...
This one was posted 6 days ago... i think it's a better
place to comment on how good you're doing... Have
a great day and keep up the good work...
@pocketechange
Thanks a lot for your kind appreciation, and dont afraid to criticize me whenever u feel i m doing below par
Funny you would ask for that... Like me, i tend to "Edit" my posts over and over... After I post, I notice words that are spelled incorrectly and all sorts of things I need to change... I pretty much do it with every post I make... I always wonder what people thing when they read it before I make all the corrections...
@pocketechange
Hahaha...that we all do but still left some mistakes to get notice and you can imagine how a non english background guy like me go through.