I posted my last analysis about steem at 15th january 2020. Yup, i said that time i feel shy to say same story again and again.But this week price chart gives us confidence to hold out steem coin.I have to say total bearish scenario has changed. Price also stable now above 15.50. As long as this channel are existing, i think we are safe from bearish move. Today i will discuss how the price pattern look like now. And why i am hopeful and being confidence about steem. This is my last steem analysis post which was posted at 7th january 2020.
https://steemit.com/hive-174578/@shharafat/steem-price-now-13-61-cent-steem-price-chart-analysis
Steem/usd Info
Steem rank 75th (+6 increase from 15th january)now based on total market capital(source:coingecko)
total supply 367 million
circulating supply 324 million
current daily trading volume of today 2.12 million usd.(1 million usd was in 15th january.)
Steem All time high was 8.19$ in january 2018
Steem All time low was 0.07 in mar 2017
Total Market capital 54.53 million usd (45.28 million dollar was in 15th january.)
Today price 16.23 cent (13.62 cent at 15th january).
Technical Analysis
Although i am not a fan of technical analysis.It is good for stable market and stable trend.But a fundamental news can change the whole trend.Which is most important to us.
Daily Chart Of steem/usd
Daily High 16.62 cent
Daily low 15.38 cent
It is a nice daily bullish set up.It continue trying to break daily high, and came back for correction.I have seen daily volume of today around 2 million dollar.May be if i am not wrong i had seen daily volume was only 3 lakh usd at 7th january. Although that week was big holiday. We have to focus on the good improvement of daily volume.
Market capital in Daily chart
Today high 54.77 million
Today low 51.41 million
Above 9 million dollar market capital increase from last week.We have seen last 2 month price was in sideways move around 11 cent to 14 cent. But price now break this area last 10 days.Trader become confidence. They are not trading short term now.
Today high 2.13 million usd
Today low 1.48 million usd.
This is most important proof of starting bullish trend. At 7th january, daily trading volume low was 3 lakh usd. But today low is 1.48 million usd. So, traders are back finally. I think also new trader come to steem market.Because steem has strong basement.
Moving average and Oscillator in Daily chart
I said last week that we have to wait one more week to confirm about bullish trens.So, we got confirmation.Moving average indicator indicates bullish signal. 9 showing buy and 7 sell.I think we will get better confirmation at weekly and month chart.
Oscilator also indicate buy signal.Not a strong buy. But i am feeling good to tell you new story in this week.
Weekly Chart steem/usd
weekly high 22.26 at 18th january
weekly low 14.43 at 17th january
We have seen steem usd price strong support was at 11.75 area.Price tried to break so many times.But all attems were unsuccessful. Now we come to safe area.Suddenly price went up and touched 22 cent at 18 th january.Although price come for correction after big pump.
Market capital in weekly chart
Weekly high 74.73 million at 18th january
weekly low 48.98 million at 18th january
Price already broken weekly side way range.We can not call it now ranging market.It is create a new high since 6 month.I mentioned above steem has now 75 th rank based on total market capital.I started steem analysis from last october.So, this is the first time i am seeing market capital increase above 70 million.
Daily volume high in weekly chart 16.25 million at 19th january .(1.31 million usd was at 11th january)
Daily low volume in weekly chart 547k usd at 18th january
It was a big boost. It happened after so many month. If i compare low volume with weekly high then it increases around 3200%. I think now nobody need a proof for bullish confirmation.
Moving Average and oscillator in weekly chart
Even though the main signal is confusing.But there are showing 9 buy and 9 sell with 8 neutral signal.But over all it showing sell.In oscilator indicate 2 buy signal and 2 sell signal.I have to check above 50 days moving average.Over 30 days, all moving average showing sell signal.But bellow 30 all are buy. It will change if this bullish channel successfully pass next week.
Steem/usd Monthly chart
I am over 100% sure that monthly chart must be show bearish signal.Because this ongoing bullish move start from 18th january.So, Before it bearish pattern controled market.
Monthly high 22.26 at 18th january
Monthly low 14.62 at 18th january
Price has been tested 22 cent area.But it already come to complete correction.Do not worry to seeing this chart.As long as we are above 14.50 cent, price are in safe position.Now we have to look, is price make new sideways move here or again it will test new high.Both are positive sign.
Market capital in Monthly chart
Monthly high 74.73 million at 18th january
Monthly low 48.55 million at 18th january
We are seeing very positive sign on monthly price chart.Price has been tested 22 cent and come down for correction.Monthly high and low both happen at 18th january.
Daily volume high 16.25 million dollar at 19th january at monthly chart
Daily volume low was 547k dollar at 18th january in monthly chart
This january month is a turning point of every major coin.Most of them start this year with positive view.We have to accept that new traders come to market.It is a big sign for bullish trend.
Moving Average and oscillator on Monthly chart
I wrote already monthly chart need one or two more week to change scenario.Still now most of the indicator showing red.It will not match with daily and weekly chart.Below 30 days moving average still show sell signal.May be it will change in next week.
Fundamental Analysis
I rely on fundamental nalysis most. Even though crypto has very low fundamental news.Most of the news come about bitcoin. Last week big news was CME (Chicago-based derivatives exchange) bitcoin future successfully past rival bakkt daily trading volume in first day.We all know bitcoin halving will happen at april 2020. That will be very big news for bitcoin and altcoin.
Another news is steem media token (SMT)confirm coming at january 2020.we all are waiting for it.
My trading Advise
Last week i advised to make buy from low or make a sit in sideline. But this week i will prefer to open buy from higher low price.Correction still going on.I think price will test 15.75 before go high.So, 15.75-16.25 area is good to open buy.On the upper hand 21.84-22.25 is a strong resistant area. Price can not break it easily.It will be better to open buy from higher low price and close position when it reach near resistant area.
All screenshot taken from
https://www.tradingview.com/symbols/STEEMUSD/technicals/
https://www.coingecko.com/en/coins/steem