STEEM Technical Analysis, May 24th - Maybe a Strong buying opportunity!

patrik.malinsky (53)in #steem • 6 years ago

STEEM Technical Analysis

Hello guys, in todays article I am going to tell you why I think STEEM is ready for a big run up. Let’s begin with the spike we have seen on May 23rd. The total gain was around 30% which is a really nice profit considering it was only a trade for just one day. It went up pretty quickly so the retracement that came right after the price touched almost 4700 sats was expected. Now STEEM forms a descending wedge and there is a little bullish divergence on the 15 minute chart.

MACD on STEEM looks really good too because now we are in a down trend and the trend is more likely to reverse on an hourly chart. As you can see the blue line is below the red one - indicating a down trend. We can also see a MACD Cloud, if you don't know what the MACD Cloud is I am going to record a video or write an article about it but now you just need to know that MACD Cloud is 2 clouds in the histogram. In my chart the Bearish Cloud ends most of the time Bullish but as I said I am going to do an In-Depth video or an article about that later.

There is also an Ascending Triangle and STEEM will soon touch the support line. Most altcoins mooned thanks to the Ascending Triangle and especially STEEM 2 months ago.

The worst scenario for STEEM

You can see it above this paragraph and that is the Head & Shoulders Pattern on 4h chart. If STEEM won't go up this time, it would mean a drop to somewhere between 3450-3300 sats. That would be a decision point for STEEM.

I will cut it here because as I am writing this article I must say that STEEM broke up! I want you all to see that My TA and I hope you like it! Thank you so much for reading this article and have a nice day!