Sup fuckers?
It's been a while since I've posted any charts - I've been letting the odd minnow do a guest post or two, spreading some love around the community while the sun's shining strong on the Steem blockchain.
STEEMUSD has been rather heavy over the past few days, but my steemy-senses are tingling once again and I think we are ready to resume higher.
Pair topped out at a luscious $8.84 on 4th of Jan, before channelling lower over the next few days to make a near flat correction towards the $5 mark. This channel was breached overnight and I think we are looking at a broken Bull Flag, which would suggest new record highs over the coming weeks:
Initial resistance is the $7 round figure/50% of the recent correction. A break above $7 would target the record high at $8.84, followed by Fibonacci extension targets at $11.15 (161.8), $12.56 (200) and $14.86 (261.8):
Initial support is a potential H&S neckline above $5, marked by yesterday's low. A break below $5 would call recent gains into question and invalidate my immediate bullish bias.
Let's hope the Bull Flag scenario plays out, because if Steem goes to $15, things are going to get even more ridiculously awesome around here!