Just Wait and See
In our previous update, we saw that price started to test the .0004 resistance structure in an effort to break out. Although we did see the candles squeeze (a possible indicator of losing momentum), we still were waiting for a bearish candle to confirm a retest of the .00032 supply zone.
Price bouncing in between 2 structures, creating a well defined channel
Time for a Break
Instead of seeing a bearish move however, we saw an incredible breakout with a strong bullish candle to .00044. Right now, price is creating a small version of a flag that is testing the previous resistance structure of .0004 - instead its using it as a valid support structure with possibilities to create new highs. The next major resistance structure is at .00054, which presents a very good opportunity for a long term trade for bullish investors or steemit power users.
Price finally broke the resistance area of .0004, creating opportunities to test new highs in the past week
While there is a small channel that is holding the price in its current position, if it breaks the .00044 price point we will see a very nice bullish rise to the .00054 level. Again, wait for the candles to close before entering a trade or risk being involved in a false move.
What will you do?
I'm going to keep on dollar cost averaging. I know; totally boring. Though, I'm hoping to see prices over .00073 btc by September.
The fact that Mark Zuckerberg is even considering changing Facebook's monetization structure due to the success of Steemit is somewhat of a validation that we're on to something, and its still in Beta!
It should become easier for people to join once the "hardfork" 20 is implemented. I can't wait for our membership to grow and watch steem rise in value!
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