Hello everyone,
Just a quick update on STEEMBTC today. We finally had a more resilient Steem performance in the past 24 hours, as shown in the charts below:
Daily STEEM/BTC
30-Minute STEEM/BTC
The latest green bar produced in the daily chart had a large body on it, indicating the session ended markedly higher from where it started 24 hours ago. To get a real sense on what happened during this period, check the 30-minute chart. As we can see, different from the previous sessions, there was a marked strength to yesterday's move. Price was stable throughout the session and steadily moved up from 0.00022 to 0.00023.
Back to the dailies, we haven't technically gone above the 2 resistance points that I've drawn. First, the downtrend channel. The upper line of the channel is currently hovering around the 0.000235 level. Second, which I feel is the more important one, is the 0.00025 resistance line. A convincing move above this level would be a stronger indication that the downtrend has stalled and a move higher can be expected in the short term. Just a note of caution though, if this happens, it won't necessarily signal an uptrend yet. The trend can be sideways in as much as it can be an uptrend.
All in all, a good trading day yesterday for Steem bulls. Let's see how today's session will unfold.
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
