Could Steem Dollar be heading to higher prices?
The 0.00034126 SBD/BTC level that was established on 9 December 2017 and retested on 16 January 2018 held strong. Buyers were able to push the price up from that level. Additionally, there is a breakout from a short term trendline.
From a technical standpoint, there is a high probability that we will test the 0.00070821 SBD/BTC level. Once that price level is reached it will be battle on between the Buyers and the Sellers. If we can close above the level, with conviction, then we can expect higher prices. If Sellers win the level then we can expect a retest of the 0.00034126 SBD/BTC level and possibly a test of the 0.00020040 SBD/BTC level. Either way the 0.00070821 SBD/BTC level might be a good area to cover any longs and possibly enter some shorts with limited stop losses.
This article is intended for educational purposes only and not meant to convey any financial advice. Trading can be a risky venture and personal due diligence is required.
