With the overall crypto market falling considerably overnight, the price of STEEM seems to have bounced back up (from its previous resistance/support level of around $3.65) to $4.66 over the last 3 hours (please see the two-hourly chart above).
It is now at a critical juncture and if it can go above $5.3 and stay above this level, it should resume it's uptrend. This is a very exciting time to be watching STEEM !
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DISCLAIMER: I'm not a financial adviser, nor a professional trader and nothing I say here is meant to be a recommendation to buy or sell any financial instrument. It is purely for educational purposes. Don't invest money you can't afford to lose. Always do your own due diligence before trading or investing.
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Update on [email protected]: The price of STEEM is now approaching the down trendline (please see chart below). If it can go above this line and stay above it, it would form a double-bottom pattern which should propel the price to about $6 after which it should continue this uptrend with some normal corrections on the way.
@jerrybanfield @vincentb
Update on 13-Jan-18@4am: Price has broken above the downtrend line and appears to have formed an uptrend (see updated 1-hour chart below). Although not guaranteed, it could follow the path within the channel shown in pink. If it breaks out of the channel, this analysis would become invalid.
@vincentb @jerrybanfield @good-karma @marketreport
Update on 13-Jan-18@2pm: So far, the price seems to be following my predicted path (see updated chart below). Now at around $6, will it bounce back up from the lower channel ? We'll have to wait and see !
@vincentb @jerrybanfield @good-karma @marketreport