Hello followers,
Today i will be showing my view on steem price and giving you a basic TA to start your own journey or follow mine!
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Steem chart on 29 january of 2018 (Source)
So unlike alot of people i am going to explain to you what i did on this chart and what i am looking at. So obviously i want to predict where steem is going and make money. Just like most people. I am an investor in steem but also a trader so let me walk you through this TA. You are here looking at the daily chart, because i am looking at a long term view for steem.
The black lines are where the support is. So this means because of past history of not dropping lower then this price or bouncing on this price u will have support. So the price will have a hard time dropping below these support lines. As you can see steem has a two black lines (support lines) close to the price. This means steem will not probably not drop alot in the upcoming weeks.
The blue lines are where the resistance is. So this means because of past history of having a hard time breaking those prices u will find resistance. Always be on the lookout for prices that are breaking a resistance line (But next time more about that). If steem could break his first resistance it will probably shoot up. Until the next resistance blocks it obviously.
Indicators
So i am also using three indicators here. The Macd, Moving average and ADI (More info about these). If you look at the ADI you can see that there isn't a strong or weak trend. The moving average is just excatly moving on top of the candles and the macd is bit bullish but no real indication.
Conclusion
Steemit will be steady for a long term investment right now. I don't see real indicators for a break-out or a break-down. So steem will probably move around in between my first support and resistance line. Still i consider steem a good long term investment, because of the fundamentals.
Disclaimer: not financial advice
Author: Bartcardi
A follow, comment, upvote and resteem rare highly appreciated!
