Those following my posts would know that I have been keenly watching the 50-EMA line over the past few days. We've managed to break above it in yesterday's session!
Here's the latest snapshot of the daily STEEM/BTC chart:
I would say today's closing bar is as important as yesterday's bar. Will we make further headway and close higher from yesterday -- this will reinforce the bullish sentiment. Or will we head back and close lower below the 50-EMA line again -- this will indicate a false breakout meant to confuse the TA chartist.
Note that beyond the 50EMA line, the price is still hovering between the 0.00025 and 0.00030 level. Notwithstanding this however, recent price action should be a welcome sight for long term STEEM holders.
Have a great day everyone! Trade carefully as always.
Risk Warning: All comments, charts and analysis on this post are purely my own and should in no way be treated as recommendations or advice, nor should they be construed as an endorsement or recommendation to buy, sell or hold. Please do not trade based solely on the information provided on this post. Furthermore, past performance does not guarantee future success. Always do your own due diligence and analysis when trading.
Chart courtesy of TradingView
