Steem Analysis. Steem Reach Pick Now Consolidate (#5)

After reach all time height Steem went into a consolidation pullback. Question is now where a price rebounce will occur.

In my previous analysis #3 i try to predicted levels on which impulse waves will occur. It turns out that I choose just right Fibonacci proportions. I miss just one point in 1-5 Elliot waves pattern.

Here are results: point 1 $6.78 (prediction: 6.78, error: 0), point 2 $5.15 (5.12, 0.03) point 3 $7.84 (7.92, -0.08), point 4 $6.35 (6.92, -0.57), point 5 $8.40 (8.60, -0.20). Final target was missed just for $0.20. Now you see how amazing Fibonacci proportions govern price movement on financial markets. If you make an error it's due to not choose the right Fibonacci proportion. So errors are always differences of inaccurate proportion chooses. In my case actual proportions 23-4 (prediction: 38.2%, actual proportion: 55.3%) and 34-5 (161.8%, 138.2%) were different from prediction but overall proportion 2-34-5 (200%, 193.5% error -6.5%) had not change. You can compare charts in #3 with chart above. So In trending markets Fibonacci levels and proportions rocks! My actual example is evidence for that.

So where we are heading in future with Steem price. Fibonacci proportions again indicating that first viable rebounce level is at 38.2% from beginning of trend on $6.17. (refer analysis #4). Aloud me speculate a little further in future. I feel that next move from rebounce level will be in 161.8% Fibonacci proportion and this will bring us to the $9.70 level in next 1-5 Elliot wave pattern afrer rebounce.

We had MA9 and MA26 bearish crossing and RSI is in falling gradually. Price is high above MA90 and Ichimoku cloud so we are in strong upwards trend. Rebounce point is expected to occur at the edge of Ichimoku cloud. So day traders should be alerted to take action in next hours and enter after rebounce will be confirmed. HODLers can be just file and enjoy the upward ride.

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Prevoius analyses: #1, #2, #3, #4. It's good to check previous posts to get wider picture of price movement.

Image sources: Investing.com,

Data sources: Bitfinex exchange

Disclaimer: If you use my ideas and analyses in your investment ventures, you take all responsibility and consequences about your actions.

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Let steem on, to the bright future!