We've all seen the spike in SBD this week, but STEEM made a bit of a move itself, more than doubling for a brief moment.
Finally, we are out of the range.....Err, wait.
The price of steem has basically been stuck in a range for nearly six months and unfortunately has spent most of the time in the low end of that range.
The range I speak of is about .80 to roughly $1.80
What I Do Like....
See that rounding bottom we have gotten starting with the down move in October and then concluded with the push we just got here in early December - That is a Bullish Price Pattern
The thing is we need to consolidate above $1.60 for the pattern to truly be confirmed. You can picture it as a cup and handle. We formed the cup, now we need to go sideways at or above $1.60 at a minimum to form the handle.
What I'm not a fan off....
Steem spiking intraday (the big upper wick at end of the chart) over $2.80 only to come crashing back down into this range.
I zoomed further out on this chart so you can see how things played out.
Steem had a price spike up to highs established back in June. The run was short lived as it immediately pulled back.
That high is are resistance point and the level we need to breach and close above in order to make a run at the all time highs.
But first...let's just get established above this damn $1.80 level. Then we can go after the $2.60 resistance.
Some things I use:
- 1broker to trade stock and currency using my bitcoin
- Bitconnect to earn daily interest lending bitcoin. Love me some passive income.
Best Regards,
Disclaimer: All content in this post is my opinion and for informational purposes only.