Hi everyone,
Finally, we got a a different picture on our daily STEEMBTC chart! Let's have a look at it:
Analysis:
We've finally broken above our downtrend channel, so it appears we have stemmed the downtrend for now. However, looking at yesterday's candle with the long wick on top, this isn't the healthiest of candles. There was a push up to 0.00038 for a very short period of time (a 70% up-move in a few hours time!) before price finally retreated to the 0.00027 range. This signifies that we didn't get much participation at that level, and STEEM may not be ready to trade at that price yet at this time.
Still, two consecutively long green bodies bodes well for STEEM, and we are now trading between the 0.00025 - 0.00030 level. Yesterday's volume was higher than average, though what the chart doesn't show is the participation rate. As mentioned, the participation most likely wasn't widespread, especially when price reached above the 0.00030 level.
I believe if price at this level can hold steady for a period of time, we should be establishing a new base foundation. Key support right now is 0.00025 -- the risk being if we move below this level, we may be back towards 0.00020 - 0.00025 level and all the move in the past 2 days would be for naught.
On the other hand, immediate resistance is at 0.00030 level.
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
