Hi Traders,
After price broke out of the triangle yesterday, I mentioned I would be thinking about re-entering a long position once price retested the PRZ and that is where we are now.
It appears as if support is holding nicely and the steem bulls are putting up a good fight in this range (image here) . Price has retested this level several times but the bears can't seem to push price down further.
It looks like the triple bottom is holding, this combined with the bullish butterfly provide a good case to go long.
Feel free to watch my published live trade here for up to date commentary and analysis and to watch this trade play out in real time.
Targets:
Entry: 0.00332
Stop Loss: 0.00305
Target 1: 0.0049
Target 2: 0.0059
Please see these posts for my previous analysis on the STEEM/BTC pair:
STEEM/BTC Long on Poloniex, 60 min Chart. Triple bottom and bullish divergence. Time to buy!!
STEEM/BTC Long on 60 Minute Chart Update, Poloniex. A Triangle Has Formed
STEEM/BTC Long on Poloniex, 60 min Chart Update . Triple bottom and bullish divergence. Time to buy!! Steem bulls killing bears!!
Here is some analysis by other steemit traders on the same pair:
@ozchartart His analysis here $STEEM/BTC Daily Poloniex+Bittrex Technical Analysis Update #10 "Patience is a virtue!" Aug 9, 2016
@quant01 His analysis here STEEM - Trading strategy for today
@satire His analysis here 📈💲STEEM/BTC Technical Analysis: MACD Drive-thru! 🍟 🚗 📈
Thanks,