No doubt, it's been a good few weeks on STEEM/BTC price-wise. I am not sure if it's just me but I can't help but sense an upbeat feeling on the Steem community as a whole. I don't have anything to back this up...just a subjective perspective based on my gut feel.
In any case, let's move on to a more objective discussion and with that, I'd like to provide my personal analysis on STEEM/BTC price action. Here is the latest snapshot on the daily chart:
In my previous post, I mentioned drawing a preliminary uptrend channel (rightmost green uptrend channel). It was preliminary as my main concern then was the red bar with the long top wick about 6 sessions back, followed by a series of lackluster price action where price seemed to be drifting lower again. I was worried that if price were to continue drifting lower, this could indicate a stall in the upmove.
Fast forward to today, the past 2 days' green bar is certainly a welcome relief for bulls. This reinforces the uptrend channel. From the chart, immediate resistance is at the 0.00040 line while support is at the 0.00030 level. Incidentally, 0.00030 is also about where the 50-EMA line is today.
So there is good reason to be upbeat if you're a long term STEEM bull (as I believe most reading STEEM posts are). Primarily, it seems that the downward drift in price is now in the past, and that both STEEM and SBD price has recovered from their gloomy lows. I'm not necessarily expecting a straight line up; corrections will be welcome from time to time and is even healthy for any financial instrument. When in doubt, always turn to the fundamentals and assess whether the long term viability of STEEM is still intact.
That's all for today. As always, trade carefully everyone!
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
