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RE: STEEM: Critical Moment, we must HOLD that SUPPORT LINE!

in #steem7 years ago (edited)

A little TA correction. H&S pattern is reversal. It comes at the end of the trend. Per definition, H&S pattern can only form after uptrend. And reverse H&S pattern only after a downtrend. So technically, what you see is not H&S pattern. Which I find unreliable any way and I don't like it.

But you are correct, there is a strong support/resistance line that STEEM is forming.

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Not totally agree, this chart is 1h-chart, so we are coming from an small rebound upwards move...in this case the pattern is reaffirming an additional downtrend in the mid-term time.