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In today's analysis, we will revisit STEEM. At the time of this writing on today 18 JUly 2017, the current price is $1.06.
PLEASE WATCH VIDEO BELOW:
In Episode#3, written on 6 July 2017 the price of Steem was $1.85. I accurately forecast a fall in price to between 0.75 to $1.
Please Watch video:
As an investor (as opposed to a speculator), I am of the view that Steemit is a good medium/long term BUY.
I went on to comment, as follows:
" i'm expecting it to get to around 0.000400BTC and looking to take an initial postion of 33% of my allocated capital to purchase.
When it gets there I will review the market pattern and position. If its looking very weak then the next fall lower and buy area for me is around 0.000200.
If it hits this level I'm all 100% allocated for this coin." [Sean Vengan 6 July 2017]
Well, the price did create a low around 0.0003581BTC and the price currently is 0.00048 BTC - this represents what I publicly announced that you can "Buy Steem At Half Price"
Steem is currently in a downtrend and for more conservative traders/investors a confirmation in a change is structure would be required.The initial resistance (R1) remains @ around 0.00575BTC. So it would need to the break this top which would confirm a change in structure to a higher low higher high.
The next area of resistance (R2) is 0.000653 and it needs to confidently break this to resume its upward trajectory.
On the support side, a breakdown of 0.0003581BTC low would mean the down trend is still intact and a fall to around 0.00020 would be a possibility. If it falls to this level, for me, this is great value buy at around $0.50cents.
As an aside, quick update on Bitcoin, 2 of our 3 targets have been hit (T1 and T2) so using a trailing stop we have locked in our profits.
Hope this helps.
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Sean Vengan, Cryptotrading Mastery.com
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