Test @ .40 Demand Zone!
With HUGE bearish moves for the entire Crypto market, we've seen Steem follow the same path to lower highs and lower lows to the .40 price point, which happened to be an interesting demand zone as it bounced off that area previously - giving bull traders some hope there will be a rebound move. At the same time, we have seen a tested trend line develop, which we'll get into below.
Respecting the Fib Lines!
Using the Fibonacci Lines from the low @ .20 and the high @ .90, we've seen how price has bounced off of EVERY KEY LEVEL from the .382 to .786 to attempt to rebound to new highs. The take away for this is that Fib Lines can be a useful tool in order to find areas where Price may react in a correction - and this holds true to many different cryptocurrencies.
Back to the Trend Line!
At the .40 price point, we've seen that there was a nice supply/demand zone that developed as a potential flip zone and reaction point. At the moment price has broke past the supply zone and towards the trend line mentioned earlier, creating a possible reaction point and potentially a breakout situation to newer highs. Many cryptos are currently correcting the correction and reaching back to their normal price points they achieved earlier. However, if price dips below .40 then it can be a great bearish trade towards the .782 fib line!
Happy Trading!
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red-rose
Thanks for the insight, mate!
Absolutely! An exciting time right now to buy cryptos while the market corrects. Fib lines make it easier to find out where those areas are.
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