Like most of the other Altcoins, Steem ($0.25) also took a major hit this year, currently hovering at -97% from its all time high ($8.19).
Despite all of these negative aspects, we still have around 2 mln. trading volume, ranking #76 in the crypto hierarchy, which isn't that bad.
STEEM/USD - Daily
- as you can see, we broke the last Fibonacci retracement (from the whole 2019 movement), heading again toward our lowest point: $0.20
- all the Moving Averagesare pushing us down, with a new death cross: the 55 day EMA (blue) goes again below the 200 day MA (grey)
- the MACD got rejected at the signal line, but the bearish Histogram is looking pretty flat, meaning that the bears are not too aggressive
- the RSI entered the oversold area and there's the possibility for a bullish divergence to form, especially if we go lower toward $0.20
Ctrl + Click here to enlarge the image in a new tab (steemitimages)
STEEM/USD - Weekly
- a broader look at what the $0.20 level actually means for us: starting with 2016, we have found support as well as resistance here; let's see how we will behave this time
- notice the 21 EMA (yellow) pushing us down
- the MACD is right near the signal line and the bullish Histogram is decreasing
- the RSI is approaching the lower reference line; last time we touched it, a pretty nice rally followed
Ctrl + Click here to enlarge the image in a new tab (steemitimages)
STEEM/BTC - Weekly
- with this last "crash", Steem is seeing new lows, compared to BTC
- we have a pretty stagnant, slightly decreasing, bearish MACD Histogram and the RSI reached the lower reference line
- a solid Steem/Btc bounce would probably end in a 150% surge, reaching the 5800 sats area, at the dotted (previous support) line
Ctrl + Click here to enlarge the image in a new tab (steemitimages)
All Time STEEM
- as you can see, in the 2016 - 2017 period, a lot of accumulation happened in the $0.10 - 0.20 area, which ended in an almost vertical price spike
- currently we might have the same situation: people accumulating in the $0.25 - 0.40 area, waiting to buy even lower. And most certainly, this will end up again in a vertical price spike
Stats from coinpaprika.
Ctrl + Click here to enlarge the image in a new tab (steemitimages)
Bounty:
Is this the time to buy? If not now, when?
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