The price of steem is in a rhythm and it's marching along to the same beat over the last few weeks!
Let's take a quick look at steem's price action since my last review a week ago.
Steady as She Goes
Steem continues to stair-step it's way up in price with breakout moves higher followed by consolidation (flag patterns in succession). As I have mentioned before, this is the type of price action we want. It's orderly, it's REAL.
You do not get orderly price action on pump and dumps. You get Eiffel tower moves on those, clearly not the case for steem!
The Quick and Dirty
Let's dig into the chart below real quick.
The top horizontal black line represents our new upside resistance of the consolidation range steem is currently establishing. If you look to the circle on the left you will see it corresponds with a prior closing top from back in September of 2016.
Coincidence? I certainly don't think so because it's these moments that give charting validity.
As you can see we made a quick intraday touch of that high before pulling back to right around .00078, which is our previous high from last month.
Right now Steem seems to be holding that level and consolidating between .0010 and .00078 and essentially forming a new flag pattern. I will take that action all day long!
Conclusion
Next upside target is a break of .0010 and then the intraday high of Sepetmber's top at .00118
If we were to pull back, we have the prior tops to act as support around the .00065 (circled in chart) so it would still keep us in a positive trend, thus not the end of the world if we hodl there!
Steem's Current Theme Song!
Gotta have theme music, every good crypto should have some!
Here's hoping we're playing this tune next week!
___
Regards,
Charting Info from: TradingView
This is really interesting, although I think I just bought some steem at the peak lol
No Oznog, say it ain't so! We may get a near term pull back here but the overall trend is still up so you should be OK based on the current setup. Re-evaluate in a week or two
I don't know about flags, but I'm grooving with the beat...And the beat goes on...
Niceeeeee!
I concur on the targets.
But with Bitcoin under some pressure, we might see another drop back down to the recent support line around 75K. Some resistance at 90K on the upside will slow things down a bit, but a nice surge could force some people to pull their sell orders or just chew right through them.
Whatever happens, that 100K resistance will be formidable. There's currently 650 BTC of sell orders just on Poloniex if STEEM wanted to break out. It fell 1 satoshi short of touching 100K on the last push. It'll be interesting to see what happens on the next attempt. It may take more than one more, but I sure hope it can push through!
Agreed, I know the 20 and 50 day MA still have some catching up to do so I'd be happy with grinding sideways here for a week. We shall see! :-)
This post received a 48% upvote from @randowhale thanks to @scaredycatguide! For more information, click here!
Thanks @randowhale, that was quite delightful!
You have an intersting name :). I resteemed you analysis ;)
Thank you, much appreciated. Yes, scaredycatguide - came up with the name as my goal is to guide risk averse people through personal finance and investing matters, thought it to be fitting.
ScaredyCatGuide to Investing in Rental Properties is my first book in a series I'm writing, already working on the second. Thanks again for your support.
Thank you for this. I watch it closely as well.
My pleasure!
I'm really digging the theme song!
Analysis spot on!!! bow in front of you
Your technical analysis about steem is correct, the overall trend is up quite optimistic.
Great analysis @scaredycatguide. It's tough to know when the ideal time to buy is. Perhaps dollar cost averaging in is the way to go.
The simple view is to just buy on pullbacks when we are trending higher until that trend breaks. Of course, that is easier said than done!
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